Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

Yes, this year. The Deputy will be aware that the Central Bank interest rate arrangement is slightly less than 1%. The balance between the 1% and 3% to 3.5%, which will be profits, will be returned by the Central Bank to the Exchequer. The net effect is as stated. This is a basket of bonds, the average duration of which is 34.5 years, and €1 billion off the deficit. In terms of the deficit reduction target, it is 0.6% and a reduction of €20 billion on our borrowing requirement. It is proposed - this matter was raised last night by some Deputies - to arrange for a full debate on this issue in the House next week, at which time the Deputy will be able to pursue those and other details.

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