Fintan O’Toole on the Promissory Notes. Ever break a promise Enda?????

The promissory notes for Anglo and Irish Nationwide total €31 billion.
The interest on these notes, as set out by Michael Noonan in
September, is €17 billion. We are to make annual payments of €3.1
billion up to 2024. The payments continue at smaller, but still
significant, levels until 2031. A child born in 2008, when the bank
guarantee was given, will (unless she emigrates) still be paying a
chunk of her taxes towards Anglo and INBS when she is 23. Actually,
even these mind-boggling figures don’t tell the whole story. The truth
is that the Department of Finance doesn’t actually know how much the
total cost of the promissory notes will be. Michael Noonan’s written
reply to Pearse Doherty on the subject in September contains the
phrase “It is difficult . . . to isolate precisely the exact cost of
the interest payments on the borrowing undertaken to fund the
promissory note payments.” We’re borrowing money to pay the interest
on the money we’ve borrowed to bail out Anglo and Irish Nationwide –
and we don’t know how much it is. But the official estimate is that in
2013, when the interest payments kick in, the annual cost will be €1.8
billion. To put this in perspective, the interest alone on the
promissory notes is nearly three times the annual yield from the new
23 per cent rate of VAT.