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

4:45 pm

Mr. Feargal Ó Brolcháin:

The annual estimate is based on the assessment of what the income accruing in that year would be. Consequently, while a commitment is made forward on the income accruing, Ireland's share of that being €126 million, for any particular year, it is just the amount that is assessed to accrue in that year. For 2014, the assessment is that Ireland's share of the income that will accrue in 2014 will be €31 million and that is what is being provided. That obviously is based on an assessment that the bonds will be redeemed at par. It is an annual assessment and so it is the annual redemption each year.