Catherine Murphy (Kildare North, Social Democrats)
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I thank Mr. McCarthy. With regard to aspects of that debt, I want to strip the matter back a little. How is the turning of the promissory notes into sovereign debt captured? I got a reply to a parliamentary question referring to the acceleration of the paying down of the debt. A minimum amount was to be paid off. I do not know the exact terminology. The eight floating rate notes had a range of maturity dates from 2038 to 2053. Between 2016 and 2018, the figure was to be €0.5 billion per year. From 2019 to 2023, it was to be €1 billion per year, and from 2024 onwards, it was to be €2 billion per year. The process has been accelerated. There is now an outstanding balance of €17.5 billion in terms of floating rate notes. Essentially, there has been an acceleration. How is that reflected in the debt?