Michael McGrath (Cork South Central, Fianna Fail)
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39. To ask the Minister for Finance the use to which the proceeds from the sale of Bank of Ireland preference shares were put; and if he will make a statement on the matter. [26286/14]

Michael Noonan (Limerick City, Fine Gael)
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In answer to a previous Parliamentary Question, I stated that I had given instructions that the proceeds from the sale of Bank of Ireland preference shares in December 2013 should remain with the National Pension Reserve Fund for the time being and that further consideration would be given as to how best to utilise the proceeds having regard to the NTMA's debt management plan and the future profile of our cash balances. The position remains unchanged in this regard.

In relation to any future disposals of bank assets, it would be premature to speculate on the use of such proceeds. However as the Deputy will be aware one of the Government's key objectives is to reduce the State's level of indebtedness relative to GDP in the coming years and hence I do envisage the gradual disposal of our bank assets making an important contribution to this aim.