Micheál Martin (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he has spoken to President Draghi recently in relation to the European Central Banks recent announcement on short term bond markets; and if he will make a statement on the matter. [38796/12]

Michael Noonan (Limerick City, Fine Gael)
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At the ECB press conference on 6 September it was announced that the ECB intend to purchase short-term bonds of countries that are within a full EFSF/ESM programme, subject to strict conditionality. It was also announced that the ECB would rank pari-passu with other investors in such bonds. This has been a major issue for markets since the Greek bond restructuring. The amount of bonds purchased will also be made public.

The President of the ECB, Mario Draghi, at the recent Ecofin which I attended, took the opportunity to brief Ministers on the new monetary policy initiative.

I welcome the ECB initiative as a worthwhile contribution to the firm measures being made to bring the financial crisis in the eurozone under control. However, as Deputies will be aware, the National Treasury Management Agency (NTMA) has been availing of the gradual fall in the yield on Irish Government bonds over recent months to issue new debt and new types of debt instruments as part of our programme of rebuilding a presence in the markets with a view to ensuring that Ireland is able to fund itself as the EU/IMF Programme draws to a close in 2013.