Michael McGrath (Cork South Central, Fianna Fail)
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Question 71: To ask the Minister for Finance in view of the recent issue highlighted in regard to the accounting for the national debt, if the Housing Finance Agency is now entirely funded by the National Treasury Management Agency and does not undertake any short-term debt issuance. [33922/11]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Housing Finance Agency that while some 96% of the Agency's short-term debt is now borrowed from the NTMA (as an agent of the Minister), the Agency raises some short-term debt from other parties. It borrows cash which local authorities and the Environment Fund have available for short-term investment, and also uses a note issuance facility from an Irish bank to manage its short-term cash requirements which arise in the normal course of its day-to-day business. The Agency also has an overdraft facility from an Irish bank, the usage of which currently is minimal. The Agency's overall debt position as at 31 October 2011 is set out in the table.