Terence Flanagan (Dublin North East, Independent)
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329. To ask the Minister for Finance the timing of the sale of long-term Government bonds as agreed in 2013 when the promissory note was replaced; the amounts arising from these bond sales: if there has been any change in the timing of bond sales: the amounts to be sold; and if he will make a statement on the matter. [34775/14]

Michael Noonan (Limerick City, Fine Gael)
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Subsequent to the liquidation of IBRC the Central Bank acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 Government bonds.  The Bank undertook to sell the combined portfolio of the FRNs and the fixed rate bond as soon as possible provided the conditions of financial stability permit.

The Bank also indicated that, as a minimum, it will make sales in accordance with the following schedule: to end 2014 (€0.5 billion), 2015-2018 (€0.5 billion per annum), 2019-2023 (€1 billion per annum), and 2024 on (€2 billion per annum until all bonds are sold).  The Bank s recent Annual Report notes that sales have been made from this combined portfolio, with the Bank selling €350mn of its holdings of the Government 2025 Fixed Rate Bond in 2013.  

The timing of the sales and the management of it's investment holdings are a matter for the Central Bank and it is independent in the e xercise of its functions, neither I nor the Department of Finance have any role in the matter.