The information requested by the Deputy is set out in the table as published on the Department of Finance website on 4th November last:
Impact of Promissory Notes and Special Investment Shares on Public Finances
|
Promissory Note Payments (cash borrowings)
|
Incremental Annual Debt Interest Costs on Payments **(cash borrowings)
|
Cumulative Debt Interest Costs on Payments (cash borrowings)
|
Promissory Note Interest Charge
|
|
€bn
|
€bn
|
€bn
|
€bn
|
|
2010
|
0.2*
|
|
|
0.6
|
|
2011
|
3.1
|
0.20
|
|
0.0
|
|
2012
|
3.1
|
0.15
|
0.35
|
0.0
|
|
2013
|
3.1
|
0.15
|
0.50
|
1.8
|
|
2014
|
3.1
|
0.15
|
0.65
|
1.6
|
|
2015
|
3.1
|
0.15
|
0.80
|
1.5
|
|
2016
|
3.1
|
0.15
|
0.95
|
1.4
|
|
2017
|
3.1
|
0.15
|
1.10
|
1.3
|
|
2018
|
3.1
|
0.15
|
1.25
|
1.2
|
|
2019
|
3.1
|
0.15
|
1.40
|
1.0
|
|
2020
|
3.1
|
0.15
|
1.55
|
0.9
|
|
2021
|
3.1
|
0.15
|
1.70
|
0.7
|
|
2022
|
3.1
|
0.15
|
1.85
|
0.5
|
|
2023
|
3.1
|
0.15
|
2.0
|
0.3
|
|
2024
|
1.9
|
0.10
|
2.10
|
0.2
|
|
2025
|
0.9
|
0.05
|
2.15
|
0.1
|
*Special Investment Shares of 100m in INBS and EBS.
**The interest costs on cash borrowings of 3.1 billion in 2011 are currently estimated at approximately 200 million. This is based on a technical assumption of an interest rate of 6.5% in 2011. For the following years, a technical assumption of an interest rate of 4.7% has been assumed in the calculations. This is based on the weighted average cost of funds raised by the NTMA in the bond market in 2010 which is 4.7%, the same as the average funding cost achieved in 2009.
The figures in the table are current working estimates of the impact of the Promissory Notes and Special Investment Shares on the public finances out to the middle of the next decade. The figures are subject to change.
