Saturday 19 August 2017

Brendan Keenan: Bailout may save taxpayer €2bn a year in interest payments

Brendan Keenan

Brendan Keenan

THE EU/IMF bailout may save taxpayers €2bn a year in interest payments over the four-year recovery plan, new figures suggest.

It is understood the Government was advised by the National Treasury Management Agency that the €55bn in borrowing planned for 2011-14 would cost an average 6.5pc a year in interest.

This was before the banking crisis sparked the €85bn EU/IMF rescue fund. The revised four-year plan assumes an interest rate of just over 3pc -- a difference of €2bn in debt costs.

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