Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 46: To ask the Minister for Finance when it is envisioned that he will go back to the bond markets; the rate at which this would be unsustainable; and if he will make a statement on the matter. [9649/11]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, the majority of the State's financing needs over the period 2011 to 2013 will be met through the funding provided under the EU/IMF programme of assistance. However, the National Treasury Management Agency (NTMA) is planning to return to the markets before the end of the term of the programme once conditions have become more receptive. The NTMA is in constant contact with market participants and will advise me when it feels that the time is right to re-enter the markets. While the interest rates at which we can borrow will obviously be a key determinant in this decision, they will not be the only factor. In any event, it would not be wise to speculate about what these rates may be as this would harm the State's ability to access funds at the most competitive rate possible.

The best means to ensure that we can re-enter financial markets at favourable rates is by convincing investors of our determination to restore stability to our public finances and implement policies that will see us return to sustainable economic growth. In this regard, the Government is committed to implementing the measures necessary to bring our deficit below 3 per cent of GDP by 2015. The upcoming Jobs Initiative will underline our commitment to a policy of consolidating the fiscal position while also providing support to the labour market, thereby assisting both household and business confidence which will in turn help support economic recovery.