Dáil debates
Wednesday, 18 February 2009
Fiscal Policy.
1:00 pm
Richard Bruton (Dublin North Central, Fine Gael)
I thank the Minister for his reply. It is alarming that the new debt servicing cost of €4.5 billion is almost three times the amount in 2008 and it is 33% higher than the Minister's forecast last October for 2009. This reflects the rapid deterioration both in the public finances and in the funding markets. What premium over long-term German bonds was estimated by the NTMA when it reached this figure? Ireland currently pays 2.8% more for ten-year German bonds. Is the agency basing its figure on that or is it more optimistic?
When will the agency have to go to the markets again with a funding offer? It raised funds in January but I understand Irish institutions were very much at the core of subscribing to the offer and they may not be available again. What is the next test of our ability to raise funds?
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