Pearse Doherty (Donegal South West, Sinn Fein)

The Exchequer figures yesterday showed that just over 20% of all taxes collected in the State are now needed to pay off the interest on our national debt and that figure is about to increase given the figure for servicing the interest on our national debt is €5.2 billion this year and will increase to €9.2 billion by 2015. We often talk about figures when dealing with questions in the House, which is important, but there is also the question of fairness. Given this increase, does the Minister believe it is fair that our European partners are profiting by more than €9 billion as a result of our hardship and as a result of decisions this Government and the previous Government have taken to bail out bankers?

The Department of Finance and the European Commission have been busy sending out press releases on this issue, including one sent out before 7 a.m. today. The NTMA estimated at the beginning of December that the average cost of the EFSM loan would be 5.7% - I understand the previous Minister for Finance indicated this to the House - but it is expected as a result of the increased cost of borrowing at European level that the cost will probably increase to approximately 6.1% or 6.2%. If this is the case, the cost of borrowing under that portion would have increased by approximately €750 million. Will the Minister clarify whether this is the case? Is the average rate under the EFSM by the NTMA on 1 December last 5.7% or has the cost increased as a result of the cost of borrowing at European level?

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