Michael Noonan (Limerick City, Fine Gael)

The pricing structure can be amended by agreement to enable the condition that money will never be given below the cost of the money to be made available. As a general condition, the price will not go below the cost of money. Therefore, if interest rates go up internationally and the EFSF sells a bond to the Chinese, it will still have to be passed on at a rate above what one paid for it. That is where the flexibility lies.

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