Micheál Martin (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 197: To ask the Minister for Finance if Ireland will be re-entering the markets during 2012; and if he will make a statement on the matter. [9365/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

It has been stated repeatedly that the intention of the National Treasury Management Agency (NTMA) is to return to sovereign debt markets as soon as market conditions permit. On 25th January 2012 it re-engaged with the bond market and extended the maturity of some €3.5 billion of debt which was due for repayment just after the end of the EU/IMF Programme. This is a significant first step in terms of managing Ireland's post-Programme funding requirements. The steps necessary to position the NTMA for such a return include continued progress in the reduction of the budget deficit in line with the targets agreed in the EU/IMF Programme, together with the implementation of policies that will see Ireland return to sustainable economic growth. Of course, resolution of the wider euro area sovereign debt and banking crisis is also a critical factor. The NTMA is in ongoing contact with market participants and will advise me when it feels that the time is right to re-enter the markets.