Oireachtas Joint and Select Committees
Thursday, 22 November 2012
Public Accounts Committee
2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
12:00 pm
Mr. John Corrigan:
There is little doubt but that a bank deal would enhance our prospects of getting back to the market in the manner we discussed earlier. The promissory notes would give relief if we were to get a deal with regard to the annual re-financing requirements, along with any retrospective refitting of the summit agreement, upon which there has been speculation and which would give relief to the debt-to-GDP ratio. Both of those would be helpful. We meet approximately 200 institutional investors twice a year. When we went into the programme we took the view that we had to redouble our investor relationship efforts rather than crawling under a rock and disappearing. We have been very cautious in those relations with investors. We have not included anything for relief on the banks in the profile of the debt, the re-financing requirements and the debt service charge. That is not to express a view as to whether we expect or do not expect relief but it is important when making presentations to investors that we stick to what is factually the case.