It is reported in todays Irish Independent that STOCKBROKERS Davy has estimated that the deal on the controversial promissory note will save the State €14.4bn in interest costs on average over the next 18 years.
Davy said the deal swapping the promissory notes with long-term government bonds would save €800m a year in interest on average between now and 2030.
The broker said it was a “significant reduction” in interest costs but claimed it would not dramatically change the budgetary arithmetic.
Read Irish Independent Report