John Gilroy (Labour) | Oireachtas source

In the context of Senator Labhrás Ó Murchú's reference to good news, there were several pieces of good news on the economic front recently that have not been referred to, except by Senator Cáit Keane, in the House today. The first concerns the agreement in principle, reached last night, that the repayment schedule of our debt to the EFSF and the ECB will be extended. This is very good news and has the potential to save ¤400 million a year, as Senator Cáit Keane said. Also last week it was announced that the Government was successful in offloading ¤1 billion worth of so-called "cocos" or contingent convertibles. There was some criticism of the Government's position at the time, namely, that it was attracting a rate of 10% and might be turning away ¤60 million per annum. In response to the critics I say the Government did not wish to take the position of speculator because the 10% coupon reflects the high level of risk involved. That the Government - the Minister for Finance in particular - has recouped ¤1 billion, plus ¤10 million in profit at par value, for the taxpayer is good news and to be welcomed.