Noel Rock (Dublin North West, Fine Gael)
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I thank Mr. O'Kelly for his introductory remarks. To pick up from where the Chairman left off on the bailout debt, the NTMA has paid back the majority, or €18 billion, in IMF loans. These were the most expensive loans from the troika era. The remaining loans are mostly from European institutions and bilateral loans from the UK, Sweden and Denmark. Are the effective costs on all these borrowings equivalent to each other or do any still stand out as being more expensive? If so, will the NTMA seek approval to redeem the higher interest rate loans first?