Tommy Broughan (Dublin Bay North, Independent) | Oireachtas source

Refinancing costs with the historic coupons on bonds sold when Ireland had already entered into the crisis and then hoping that they will still be lower in two or three years' time is not a strategy. That is the core point that I am raising today. Is it the stated strategy of the NTMA that long-term rates are unlikely to raise above current levels by the crucial period of June 2019 to October 2020? Dr. O'Kelly and his colleague gave us detailed information at the Committee for Budgetary Oversight about the efforts they have made this year and last year and especially since 2015 to refinance the outstanding debt. This is a vast amount of debt overhanging our country. Should we not have a much more proactive policy from the NTMA? Are we just hoping that when quantitative easing ends in December, the concerns about the debt will be inflated away? Is there the possibility that the Minister is leaving his successor in late 2019 and early 2020 with a very serious fiscal problem?

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