Pat Rabbitte (Dublin South West, Labour)

Will the Minister put me right if I am incorrect? Our banks are sourcing liquidity from the ECB at approximately 1.5%. Under the new arrangement, they will source moneys from the fund through the State at approximately 4.5% or 5%. If the banks needed €20 billion, for example, they were sourcing it at 1.5% until the ECB called a halt, but we may now pay 4.5% or 5% for it. Is this the position?

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