Gerry Adams (Louth, Sinn Fein)
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Question 25: To ask the Minister for Finance his plans for a full return of the State to the international bond markets, including the interest rates he believes would be acceptable for a partial and subsequent full return and the likely dates on which he expects a partial and subsequent full return to the markets. [5651/12]

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. On 25th January 2012 it re-engaged with the bond market and extended the maturity of some €3.5 billion of debt which was due for repayment just after the end of the EU/IMF Programme. This is a significant first step in terms of managing Ireland's post-Programme funding requirements. 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, together with the implementation of policies that will see Ireland 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. While the interest rates at which Ireland 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 interest rates may be as this would harm the State's ability to access funds at the most competitive rate possible.

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