Pearse Doherty (Donegal South West, Sinn Fein)

I seek clarity on the issue and ask the Minister to refer to the original note produced in November 2010 which included the cost of borrowing on the markets, assuming an interest rate of 4.7% at the time. It also included the capital repayments and the interest rate charged to Anglo Irish Bank. As with a mortgage, it is not just a case of repaying €30.6 billion; as the period spans 20 years, the total cost is €47.9 billion. Is the Minister indicating that the total cost of the promissory note is €47.9 billion, including the cost when the State will have to go to the markets to borrow the money to give to Anglo Irish Bank each year up to 31 March 2031? For example, if there was a way by which the Minister's negotiating skills could result in the €30.6 billion Anglo Irish Bank promissory note being wiped away, my assumption is the State would save €74.6 billion.

See this speech in context