Dessie Ellis (Dublin North West, Sinn Fein)
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To ask the Minister for Finance the value of cash reserves and all other investments held by the National Treasury Management Agency and the National Pension Reserve Fund at the end of September 2012; and if he will make a statement on the matter. [50245/12]

Michael Noonan (Limerick City, Fine Gael)
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Cash reserves and other balances held by the National Treasury Management Agency on behalf of the State at 30 September 2012 were as follows:

The figures include cash held in the Exchequer Account in the Central Bank, cash held by the NTMA on deposit with commercial banks, Housing Finance Agency Guaranteed Notes held by the NTMA, the assets of the Dormant Accounts Fund and other Ministerial funds.

The Housing Finance Agency Guaranteed Notes are not immediately callable as they provide funding to the Housing Finance Agency.

In the April Stability Programme Update (SPU) prepared by my Department it is estimated that the cumulative Exchequer deficit over the years 2013-2014 would be close to €25 billion. In addition to these day-to-day costs, there are large debt redemptions that are scheduled from early 2013, including a €5.6 billion bond repayment in April 2013 and a €7.6 billion bond repayment in January 2014. The continuing budget deficits and debt redemptions must be adequately and prudently funded.

Exchequer cash reserves are an important component in bolstering investor confidence in Ireland as it continues on the path to full independent market access at sustainable interest rates. The EU/IMF programme ends in 2013 making such market access of critical importance.

In relation to the cash assets of the National Pensions Reserve Fund (NPRF), I am informed by the National Treasury Management Agency, as Manager of the Fund, that the total value of the Fund on 30 September 2012 was €14.032 billion.

The Directed Portfolio (investments in Irish financial institutions made for public policy reasons at the direction of the Minister for Finance) was valued at €8.057 billion (57.4% of total).

The Discretionary Portfolio, the investment of which remains the Commission’s responsibility, was valued at €5.975 billion (42.6% of total).

Cash reserves were valued at €0.801 billion (13.4% of the Discretionary Portfolio).

The detail of all other investments in the Discretionary Portfolio is set out in the following table: