Sandra McLellan (Cork East, Sinn Fein)
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Question 44: To ask the Minister for Finance if he has requested the day one lists for Anglo bonds from Anglo Irish Bank, IBRC; if he will publish this list; and if he will make a statement on the matter. [34435/11]

Michael Noonan (Limerick City, Fine Gael)
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I assume, in replying to this question, that the terminology 'day one list' refers to a listing of subscribers to bond issues on the launch date of the bonds. The bank has not been requested, during my tenure as Minister for "day one" listing of subscribers to bond issues. I am advised, however, that every effort has been made to establish the identity of current bondholders. In this context a "day one" list of bondholders would generally only provide an indication of acquiring institutions who generally act on behalf of a confidential client base rather than on behalf of the institution in its own right. Further, given that such bonds are actively traded in secondary markets, any such list is not reliable as a record of ownership of bonds. It would not, therefore, be appropriate to publish such a list.

The Deputy may wish to note that the Bank is contractually obliged to repay senior, unsecured securities on their maturity dates. These securities are publicly traded, dealt through dealers and settled via clearing house systems. An issuer (such as the Bank) does not have any access to the records of the registrar. It should be noted that such bonds are freely tradable once issued and therefore the issuer has no means of establishing the underlying ownership at any given time. Unlike in the case of shares, the holders of listed debt instruments are not subject to a disclosure regime. The settlement mechanics are that the Bank will instruct its paying agent to transfer the funds to the clearing house systems who will then distribute the funds to the holders of the security as per their records.