Michael McGrath (Cork South Central, Fianna Fail)
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125. To ask the Minister for Finance if he has any plans to publish correspondence between his Department and the ECB in the autumn of 2010 dealing with the question of the then Irish Government’s efforts to impose losses on senior bondholders; and if he will make a statement on the matter. [36345/13]

Michael Noonan (Limerick City, Fine Gael)
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The position on this remains that which I outlined to the Deputy in my reply to his similar Question (No 155) of 28th June 2011. While the immediate crisis that this Government inherited when it took office has been averted, it remains important for relationships between institutions to be developed and sustained, in order to allow for confidential negotiations to take place, especially on particularly sensitive issues. This is particularly the case in relation to the Irish authorities dealing with the ECB. It is normal practice for states to protect the confidentiality of these discussions, and in fact is usually enshrined in the rules of association of institutions.

Indeed, this is reflected in the Freedom of Information Act, which provides for exemptions for records relating to, for example, information received in confidence, commercially sensitive information and the financial and economic interests of the state in sections 24, 26 and 31. These factors counterbalance the public interest, protecting the ability of the Government when negotiating or deliberating on matters of national importance. It is considered that release of the correspondence sought would impact on the integrity and viability of the decision-making process to a significant degree without a countervailing benefit to the public, and would prejudice our relationship with the ECB.