Oireachtas Joint and Select Committees
Thursday, 6 July 2017
Public Accounts Committee
2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015
9:00 am
Ms Ann Nolan:
It is all part of the debt. It is debt whether it is in the Central Bank or the NTMA. To that extent, how it is stated is the same. One reason the NTMA has accelerated the buy-back is that interest rates are extremely low at the moment. I refer to floating rate notes. If interest rates were to increase, it would increase on those notes. If one can borrow for 20 years and lock in a low interest rate, one would be as well off to accelerate that swap.