Joan Collins (Dublin South Central, People Before Profit Alliance)
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106. To ask the Minister for Finance further to the assurance given, if he will confirm that he has the authority to determine the amount of bonds, which at present total €25 billion and are solely vested in the Central Bank of Ireland, that will be offered for sale to the open market in 2014 and subsequent years; if he does have that authority, if he will commit to not exceeding the minimum bond disposals outlined at the time of the special liquidation of the Irish Bank Resolution Corporation in February 2013; if he will not provide any such commitment, if he will commit to not exceed the minimum disposal unless there is a net financial benefit of so doing to the State; and if he will state what the financial benefit is. [19445/14]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland is independent in the exercise of its functions and the management of its investment holdings are a matter for the bank themselves; neither I nor the Department of Finance have any role in the matter.  I have been advised by the Central Bank that the portfolio of Government bonds now held by the Central Bank following the liquidation of IBRC will be sold in accordance with the schedule listed below, taking conditions of financial stability into account.

The Central Bank has undertaken that a minimum amount of bonds will be sold in accordance with the following schedule: to end 2014 (€0.5bn), 2015-2018 (€0.5bn p.a.), 2019-2023 (€1bn p.a.), 2024 and after (€2bn p.a.).  The Central Bank normally reports in detail on its balance sheet only at annual intervals although it also publishes a more aggregate balance sheet on a monthly basis.  While the latter does not contain details of its investment holdings, it is my understanding that, in its Annual Report for 2013, the Central Bank will report on any progress towards the €0.5 billion minimum sales by end-2014.