Michael McGrath (Cork South Central, Fianna Fail)
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Question 84: To ask the Minister for Finance when he expects Ireland to return to the international sovereign debt markets; and the latest date, based on current projections, by which Ireland would have to successfully return to borrowing on the debt markets. [1787/12]

Michael Noonan (Limerick City, Fine Gael)
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It is the stated intention of the National Treasury Management Agency (NTMA) to return to sovereign debt markets as soon as market conditions permit. My hope is that a full return to the bond markets will become possible by mid-2013. The steps necessary to position the NTMA for such a return include continued progress in the reduction of the budget deficit in line with the targets agreed in the EU/IMF Programme of Financial Support, together with the implementation of policies that will see us return to sustainable economic growth. Of course, resolution of the wider euro area sovereign debt and banking crisis is also a critical factor. The NTMA is in ongoing contact with market participants and will advise me when it feels that the time is right to re-enter the markets.

I should say that, based on conservative projections of our funding needs, there is no urgency about a return to the markets. Indeed, the purpose of a programme such as the EU/IMF Programme for Ireland is to provide the space necessary for economic and fiscal adjustment to take place. Based on current projections and assuming no market access, the State has access to sufficient funds for its needs well into the second half of 2013.