Brian Hayes MEP

Home » Statement » Troika Debt Renegotiation has saved us over €10 billion in 4 years – fact: Hayes

Troika Debt Renegotiation has saved us over €10 billion in 4 years – fact: Hayes

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Brian Hayes MEP today said that the government will accumulate savings of €10.3 billion on national debt repayments by the end of 2015 due to renegotiation of the Troika bailout programme.

“In 2011, at the start of the Troika programme, the Department of Finance estimated that national debt repayments would be €28.7 billion for the years 2012, 2013 and 2014. The actual amount paid for these years was €22.29 billion, accounting for savings of €6.4 billion. At the start of the Troika programme, the estimate of debt repayment for 2015 was €11.3 and the latest forecast was €7.4 billion which will amount to another €3.9 billion of savings.”

Debt Repayment position 2012 – 2015

2011 Forecast Actual Amount Paid Savings
Debt Repayments 2012 €7.5 Billion €7.157 Billion €343 Million
Debt Repayments 2013 €10.2 Billion €7.657 Billion €2.543 Billion
Debt Repayments 2014 €11 Billion €7.475 Billion €3.525 Billion
Debt Repayments 2015 €11.3 Billion €7.4 Billion (latest forecast) €3.9 Billion (latest forecast)
Total €40 Billion €29.689 Billion €10.311 Billion

“Altogether the figures show that the Government will save €10.3 billion due to four years of steady renegotiation of the Troika bailout programme, including the Promissory Note deal and the early IMF repayment deal. This is money we will never have to repay.

“Having gone down the successful route of prudent negotiation, the situation is now much improved for taxpayers. Now Ireland’s borrowing costs are at record lows – we are now getting 10-year money at 0.78%. Less tax revenues will be needed to service debts which in turn will mean increased spending on public services and further tax cuts.

“We have come through some very tough years and a lot of pain but now confidence has returned to the Irish economy and our debt situation is now sustainable. The NTMA can now take advantage of the low interest rates and is able to manage Irish debt in a very effective way.

“The objective now must be too stick to our targets and attempt to bring down the budget deficit to reasonable levels. While we do this, I believe there is still scope for some further renegotiation of our debt repayment. The Commission has shown flexibility to other Member States and I think that Ireland is entitled to concessions as much as any other country.”


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