Catherine Murphy (Kildare North, Social Democrats)
Link to this: Individually | In context | Oireachtas source

88. To ask the Minister for Finance the schedule for extinguishing the former Anglo and Irish Nationwide promissory notes; why the original schedule was accelerated; his efforts to date and in the future to seek a write-down of this odious debt; and if he will make a statement on the matter. [16477/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I assume the Deputy is referring to the bonds issued to the Central Bank of Ireland in February 2013 to replace the IBRC Promissory Notes which were extinguished as part of that transaction.

The Central Bank of Ireland is independent in the exercise of its functions and the management of it's investment holdings are a matter for the bank themselves, neither I nor the Department of Finance have any role in the matter. 

The Central Bank of Ireland ("CBI") indicated a minimum disposal schedule of €0.5 billion up to the end of 2014, €0.5 billion per annum 2015-2018, €1 billion per annum 2019-2023 and €2 billion per annum after that until all the bonds are sold. However, the CBI also stated that it would dispose of the government bonds as soon as possible, provided conditions of financial stability permit. This position remains unchanged. Due to improved financial stability conditions, the disposals of fixed and floating rate government bonds from the Special Portfolio have been faster than the minimum. However, any decision to accelerate sales cannot be permanent or predetermined by the CBI as the sales programme must be able to adjust to market conditions taking into account the views of the NTMA regarding the management of the State's interest rate risk, the market absorption capacity, the State's general issuance programme and target maturity profile as well as the financial impact.