Colm Keaveney (Galway East, Independent)
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To ask the Minister for Finance further to Parliamentary Question No. 185 of 26 February 2013, if the European Central Bank has the lawful authority to direct the Central Bank of Ireland to dispose of the bonds, referred to in his reply, in accordance with a schedule different to that detailed by him in his reply; and if he will make a statement on the matter. [11797/13]

Michael Noonan (Limerick City, Fine Gael)
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The Irish Government fully understands the need for the ECB to ensure it is operating within its mandate. As previously outlined by the Central Bank of Ireland, the bonds will be placed in the Central Bank’s trading portfolio and will be sold, provided that conditions of financial stability permit. The disposal strategy will of course maintain full compliance with the Treaty prohibition on monetary financing. The Central Bank of Ireland has undertaken that minimum of bonds to 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.

The Central Bank of Ireland is responsible for financial stability considerations. I would expect the Central Bank to take full account of the health of the domestic and international banking system, the global economic situation and developments in markets when considering financial stability considerations in relation to the disposal of these Irish government bonds.