Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

At that point the lending limit in business banking was €2 billion in respect of landbank, the landbank limit was €2 billion, and at that stage it was at €1.95 billion. And it's noted in the minutes that without any new deals, that book is generating an additional €50 million in exposure every six months as interest roll-up facilities accumulate into principal balances. So without even extending any new loans, the limit would have been breached by virtue of interest just continuing to roll up on existing credit facilities.