Joan Burton (Dublin West, Labour)

I now understand that this is the equivalent of a national mortgage of €31 billion and that these mortgages have been negotiated at loan rates of current market rates, which at the time they were issued, and will be issued, run between 4% and, unfortunately, 6% plus. Therefore, that means that the €31 billion will carry an annual interest charge of €1.5 billion. Does the Minister accept that there will now be an annual charge of €1 billion to €1.5 billion in our national budget statements for the next ten to 15 years? Can he confirm that?

I understand that the adjustment or the interest charge for this year, which started some time around May when these promissory notes were issued, is €700 million. Has that been included in any revised estimates of the deficit for 2010? Can the Minister tell us how that will be treated in the final 2010 accounts?

I have a number of other short questions.

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