Oireachtas Joint and Select Committees

Wednesday, 26 March 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Draft Heads of Central Bank Bill 2014: Department of Finance

Mr. Feargal Ó BrolcháinYes, it is. It was not Europe but the ECB that engaged in the bond-buying process, so it was one part of the EU institutions. Essentially, it is the estimated or imputed profit that would arise from the difference between the purchase price and the redemption value that would be returned to Greece on the basis of each member state’s central bank’s estimated share, as it were, of the profit. It is an amount that is equivalent to that.