Michael McGrath (Cork South Central, Fianna Fail)
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125. To ask the Minister for Finance if the NTMA has a role in advising or influencing the rate of disposal by the Central Bank of the Government bonds that replaced the Anglo Irish Bank promissory note; and if he will make a statement on the matter. [37306/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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In 2013, the Central Bank acquired eight Floating Rate Notes (FRNs) amounting to €25 billion as part of the exchange of assets on the liquidation of IBRC. The Bank intends to dispose of these assets as soon as possible, financial stability conditions permitting.

The sole responsibility for decisions regarding disposals of the Floating Rate Notes rests with the Central Bank, which publishes information in this regard in its Annual Report.

In accordance with the minimum schedule of disposals agreed with the NTMA in the Exchange option Deed the Bank will sell a minimum amount of the FRNs as follows in accordance with the following schedule:

- 2014-2018 €0.5 billion per annum;

- 2019-2023 €1 billion per annum; and

- from 2024 onwards €2 billion per annum until all bonds are sold.

The eight Floating Rate Notes acquired range in maturity dates from 2038 to 2053. The Bank has so far disposed of €8 billion nominal of the Floating Rate Notes; €0.5 billion in 2014, €2 billion in 2015, €3 billion in 2016 and €2.5 billion so far this year. All holdings of the 2038, 2041 and 2043 Floating Rate Notes have now been disposed of. The outstanding balance of Floating Rate Notes is now €17.0 billion.