Results 22,941-22,960 of 26,086 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: Professor Honohan indicated that if "others could pay" the promissory note------

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: It is a wild hare.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: Where does the witness see the legacy debt in other banks progressing, particularly with regard to negotiations involving the ESM?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: I believe a residual-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: May I ask a question on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: Ms Fiona Muldoon said that lip-service was being paid to this issue and she said that repeatedly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: I am sorry, Chairman.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: I welcome Professor Honohan. I will approach the promissory note from a slightly different angle. In his presentation to us, Professor Honohan said: "What we have designed is [..] largely in the interests of the euro system as a whole." Will he elaborate on that? Does Professor Honohan believe that what is being constructed here will be unique to Ireland? What is the net cost of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: Is there no similar construct or financial engineering with any other bank in the eurozone, which is currently linked into the ECB within the European system?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: Nothing on the same scale.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: Does Professor Honohan expect that a deal will be forthcoming?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: To put it another way, how important is it for Ireland that we have a satisfactory outcome in terms of the negotiations on the promissory note?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: We have an interest charge in the State's current account for the promissory note on an accrued basis of just short of €1.9 billion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: How much of that comes back?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: It is a reasonable question to ask concerning a loan of that scale.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: What interest rate would they be paying to the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: So, at a minimum, that would be €500 million or €600 million a year coming back from the promissory note.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: I accept that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: What are the features that Professor Honohan feels are unique to the promissory note? He mentioned unique features, so which ones have given scope to find a solution with the ECB, which will bring down the cost of borrowing? Does he see a reduction in the size of the debt in any way? Is he looking at a reduction in the cost of borrowing over a period of time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Kieran O'Donnell: So Professor Honohan would see a reduction in the interest rate and an extension of the time period?