Pearse Doherty (Donegal South West, Sinn Fein)
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Question 186: To ask the Minister for Finance the consideration he gave to the concession added in the most recent Memorandum of Understanding On Specific Economic Policy Conditionality whereby the National Asset Management Agency is now required as a term of the bailout, to redeem €7.5bn of senior bonds by the end of 2013. [31661/12]

Michael Noonan (Limerick City, Fine Gael)
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I can advise the Deputy that there were commitments on NAMA in previous Troika documentation. The May 2011 Memorandum of Understanding with the Troika included a target for the disposal of assets by NAMA by the end of 2013. The NAMA Board had set a target of repaying €7.5bn of the NAMA Senior Bonds in issue by the end of 2013. In the most recent meetings with the Troika it was agreed that the Memorandum of Understanding be amended to align to this more appropriate, but closely related, target.

The debt repayment target is considered to be a more appropriate measure to monitor than asset disposals, which can be impacted by currency and other external factors. The Troika seek progress reports on the target at the quarterly meetings with NAMA.