Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance the circumstances under which the Central Bank of Ireland will be permitted to exchange a portion of the new floating rate bonds issued under the revised promissory note arrangement for fixed coupon bonds; and if he will make a statement on the matter. [7906/13]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank will sell these bonds but only when such a sale is not disruptive to financial stability. The limits of the option to exchange will be the amounts of the mandatory sales and the option lies with the Central Bank as a right but not an obligation. The Central Bank have undertaken that minimum of bonds will be sold in accordance with the following schedule:-

- €0.5bn by the end of 2014;

- €0.5bn per annum from 2015 to 2018;

- €1bn per annum from 2019 to 2023 and €2bn per annum from 2024 onwards.