Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he has carried out any assessment on the economic impact of the sale of the bonds which replaced the promissory notes by the Central Bank at an earlier date than predicted by his Department; and if he will make a statement on the matter. [10560/13]

Michael Noonan (Limerick City, Fine Gael)
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The Government bonds are now held by the Central Bank of Ireland following the liquidation of IBRC. Eight new Floating Rate Treasury Bonds have been issued to discharge the Promissory Notes liability consisting of: a 25 year bond of €2bn maturing in 2038 with an interest rate of 6-month Euribor plus a margin of 2.50%; a 28 year bond of €2bn maturing in 2041 with an interest rate of 6-month Euribor plus a margin of 2.53%; a 30 year bond of €2bn maturing in 2043 with an interest rate of 6-month Euribor plus a margin of 2.57%; a 32 year bond of €3bn maturing in 2045 with an interest rate of 6-month Euribor plus a margin of 2.60%; a 34 year bond of €3bn maturing in 2047 with an interest rate of 6-month Euribor plus a margin of 2.62%; a 36 year bond of €3bn maturing in 2049 with an interest rate of 6-month Euribor plus a margin of 2.65%; a 38 year bond of €5bn maturing in 2051 with an interest rate of 6-month Euribor plus a margin of 2.67%; and a 40 year bond of €5bn maturing in 2053 with an interest rate of 6-month Euribor plus a margin of 2.68%. The bonds will pay interest every six months (June and December).

The Central Bank of Ireland will sell the bonds but only where such a sale is not disruptive to financial stability. The Central Bank has undertaken that a 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.

Any hypothetical acceleration in the bond sale schedule could potentially impact to some extent on sovereign borrowing costs and the pass-through to the real economy, if any, could occur through the impact on the interest rate conditions faced by households and firms. The impact on the economy would also depend on the interest rate environment and liquidity conditions (globally and nationally) which prevail at the time of the sale of the bonds, which are impossible to predict over the very long term.

Colm Keaveney (Galway East, Independent)
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To ask the Minister for Finance in view of the fact that Irish Bank Resolution Corporation Act 2013 grants him the power to direct the special liquidator in the carrying out of his or her duties, the way he proposes that the issue of the mortgages and loans owing by the former employees of IBRC be addressed, noting that these loans are not being transferred to National Assets Management Agency but are remaining with the liquidator; and if he will make a statement on the matter. [10495/13]

Michael Noonan (Limerick City, Fine Gael)
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As set out in the Irish Bank Resolution Corporation Act 2013, NAMA will not be required to make a bid for “any credit facility pursuant to which IBRC (or Nationwide Building Society (“INBS”)) has made facilities available to current or former employees and/or officers of IBRC or INBS.” No other directions have issued in respect of these credit facilities and they will be managed by the Special Liquidators who will devise strategies on a case by case basis. There is an obligation on the Special Liquidators to ensure that the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State.