Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
Link to this: Individually | In context

Question 69: To ask the Minister for Finance the bond yield that he believes would prohibit the Government from returning to the bond markets in 2012 and 2013. [14232/11]

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

The National Treasury Management Agency (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 to continue to demonstrate 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. Last month's Jobs Initiative underlines 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. We all know that success will not come overnight and difficult decisions have been taken. We will have to continue to make such decisions and this Government is determined to take the right course of action.