Brian Lenihan Jnr (Dublin West, Fianna Fail)

That is true in the present circumstances. In any event, the considerations that determine the appropriate rate of interest vary enormously depending on whether it is short-term, three year, six year or nine year funding.

One must also remember that in respect of Ireland's application we are dealing with three different funds, all of which have different rules on the appropriate computation of interest on the principal sums advanced. In essence, what one will have is a blended interest rate, the computation of which will depend on the proportion one derives from each of the three funds that can be accessed under this particular arrangement.

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