The payment served to cancel the debt installments that were to be paid in 2006 ($5.1 billion), 2007 ($4.6 billion), and 2008 ($432 million). This disbursement represented 8.8% of the total Argentine public debt and decreased the Central Bank's reserves by one third (from $28 billion to $18.6 billion). According to the official announcement, it also saved about a billion dollars in interest, though the actual savings amounted to $842 million (since the reserves that were in the BIS were until then receiving interest payments). One of the largest single investors in Argentine bonds following these Venezuela bought a total of more than $5 billion in restructured Argentine bonds from 2005 to 2007.