Seán Fleming (Laois, Fianna Fail)
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The Committee of Public Accounts has performed a useful service here today by putting this information into the public arena. We are all hearing that the banks are having to raise funds at a negative interest rate or at 1% or 2%, and with the gross national debt in the region of €200 billion some people might think it is only costing €2 billion or €3 billion to pay it off, but it is costing some €5 billion because there is older debt too, a substantial amount of which we are paying 5% and 6% on. While funds raised recently come in at a very cheap rate, we also have the more expensive debt with a longer-term maturity date. The banks are not in a position to change that rate. The people who gave us the money at that rate are entitled to get that rate, and they are not going to forgo their income.