Finian McGrath (Dublin North Central, Independent)
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76. To ask the Minister for Finance if he will provide a breakdown of the interest paid to date on the promissory note; the projected interest payable for the years 2014 to 2020; and the total projected interest payable to the end of new long-term Government bonds. [54584/13]

Michael Noonan (Limerick City, Fine Gael)
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During 2010, Anglo Irish Bank, INBS and EBS were provided with promissory notes to the value of €30.6bn consisting of a number of tranches. Each tranche paid a market based fixed rate of interest which is set on the date of issue and is appropriate to the maturity date of the tranche. Interest paid in 2011, 2012 and 2013 on the promissory notes was €568m, €13m and €12m respectively. The reduced level of interest in 2012 and 2013 was due to the interest holiday on the IBRC promissory notes between 1 January 2011 and 31 December 2012. Following the liquidation of IBRC and the promissory note transaction in February 2013 no further interest is payable in respect of the IBRC promissory notes. In relation to EBS, the total interest payable on the promissory note for the years 2014 – 2020 will be c.€82m assuming they run to maturity.

In relation to the Irish Government Bonds that have been issued in exchange for the Promissory Notes these are floating rate bonds. The coupon on these bonds is 6-month Euribor plus a margin ranging from 2.50% to 2.68%. Given the nature of this floating rate it is not possible to be accurate with regard to the exact interest cost payable in respect of these Bonds.