Economic and Budgetary Outlook 2011-14

Économiste Monétaire

The DoF have released a document outlining the time frame for the €15bn adjustment and the assumptions underpinning it:

http://www.finance.gov.ie/documents/publications/reports/2010/PBO2010.pdf

cavedave

That site is giving me a 404.

Anonymous1987

cavedave wrote: »

That site is giving me a 404.

Try this one:
http://www.finance.gov.ie/documents/publications/guidelines/infor2010.pdf

noodler

All my questions are on promissory notes:

1) Lenihan initially said we would be paying the interest on these ( to the banks) on an accounting basis but that the actual interest in cash terms wouldn't be paid until 2025 (or whenever the note ends). No indication if this is still the case.

2) The 2011 and 2012 interest holidays are very clever as they avoid an adjustment of €7bn this year. However we are still going to borrow the interest owed on the promisorry notes in those years by the looks of things. It will simply be an accounting measure.

Anonymous1987

Some creative accountants work at the DOF, interest will be paid first in 2013. Karl Whelan is discussing this on the Irish Economy Blog with a link to the background note here.
see the table at the bottom of page 2 for a schedule of the interest repayments.