Joan Burton (Dublin West, Labour)

The Minister said the cost of servicing the national debt is estimated at €4.5 billion, which is almost 100% more than in 2008, when it cost €2.4 billion. In reply to an earlier question, the Minister suggested the taxpayer had not to pay anything to bail out the banks. However, he also said one of the reasons for the significant increase in the cost of servicing the national debt was the higher interest rates being charged on government bonds, which has almost entirely been caused by our banking crisis and the fact that our reputation has been shredded internationally. Is it true that the additional financing cost attributable so far to bailing out the banks is approximately €544 million and, by the end of the year, it will be a considerable part of the additional €2.5 billion needed to service our national debt?

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