Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The NTMA tells me that there are a number of variables that impact on interest rates, including yields in other markets at the time, the demand for the relevant maturity at a point in time, the economic and fiscal position of the borrower, credit ratings and the size of issues, among others. The NTMA does not disclose the interest rates at which it could potentially issue debt as to do so could negatively impact the agency in terms of raising funds for the Exchequer at the most competitive rates possible. The five benchmark bonds maturing over the period 2018-20 carry annual coupons ranging from 4.4% to 5.9%, and the current expectation of the NTMA is that these bonds can be refinanced at lower coupons. The NTMA does not share the kind of anxiety expressed by the Deputy. It thinks it is a very strong position to refinance the debt in question at a lower interest rate than what prevails at present.

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