Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Those issues are important to the overall context of the market in which we will be borrowing. There are also the stress tests to come, which may necessitate some form of recapitalisation. That is important because that could - and I hope it does not – undermine our capacity to borrow. I accept we have an expensive backstop in the €25 billion that the National Treasury Management Agency, NTMA, has borrowed, with significant costs attached of between €700 million and €800 million per annum.

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