Colm Keaveney (Galway East, Independent)
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To ask the Minister for Finance if he agrees with the estimate of the value of the savings, achieved by the deal announced on 8 February 2013 with the liquidation of the Irish Bank Resolution Corporation and the conversion of promissory notes to longer term sovereign bonds, as being €7.9 billion as estimated by an economist (details supplied); if not, if he will provide his own estimate taking into account the total interest payable and the net present value of both the original promissory notes and the now sovereign bonds; and if he will make a statement on the matter. [9616/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will know, the Promissory Notes were replaced with a portfolio of long term non-amortising Irish Government bonds as a result of undertaking the transaction earlier this month. With regard to the net present value gain in this arrangement, as the Deputy is aware, the calculation of a net present value is based on a number of mathematical assumptions, including what discount rate to apply and assumptions around future refinancing rates, all of which will depend upon the outcome of future events. These assumptions can have a material impact on the ultimate valuation and it is subject to a wide range of possible outcomes. For that reason, the Department did not produce a net present value figure for publication and I am not in a position to give one now. I can assure the Deputy that a key determinant of the value of the new arrangement was debt sustainability.