Michael McGrath (Cork South Central, Fianna Fail)
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50. To ask the Minister for Finance the amount of cash reserves currently held by the National Treasury Management Agency; the anticipated amount that will be held at 31 December 2013; if the NTMA have any plans to borrow further money on the markets; and if he will make a statement on the matter. [48727/13]

Michael Noonan (Limerick City, Fine Gael)
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The cash balance at the Exchequer account along with other short-term cash management balances, which are managed by the National Treasury Management Agency (NTMA).I am informed by the NTMA that the Exchequer had €21.9 billion on hand in Exchequer cash and other short-term cash management balances at the end of October 2013.

On 1 October the NTMA announced that it would defer consideration of any further medium/long-term issuance until early 2014 in view of its relatively strong funding position. Treasury Bill auctions for the final quarter of 2013 have also been suspended.

Budget 2014 projected Exchequer cash balances of approximately €21.5 billion at the end of this year, sufficient to cover between twelve and fifteen months of estimated Exchequer financing needs. The 7-year extension in EFSM/EFSF maximum average maturities during 2013 along with the February IBRC Promissory Note transaction significantly reduce our funding needs in the coming years. These positive developments strengthen Ireland’s ability to access medium to long-term market funding, which is expected to be in a range of six to ten billion euro during 2014.