Eamon Gilmore (Dún Laoghaire, Labour)

Later this morning, we will be debating the EU-IMF deal. I wish to ask the Taoiseach about one aspect of that deal, which relates to an issue that was the subject of an RTE news report. It concerns the rate of interest which is being charged on one of the components of the deal. As we know, the deal is in three parts: the IMF, the European Financial Stability Mechanism, and the Luxembourg-based facility. The RTE report confirmed this morning that the European Union will be borrowing money using its triple-A rating and would then make that money available to Ireland, but at a much higher interest rate - that is, 3% higher than the rate at which it is borrowing. In other words, it will be making a profit of 3% on the money it is lending to Ireland.

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