Vol. 496 No. 6
46 Mr. Broughan asked the Minister for Finance the way in which he has applied the general Government surplus to the redemption of loans or other financial instruments; and if he will make a statement on the matter. [23714/98]
In my end-September commentary on the Exchequer Statement, I said that it was expected that there would be general Government surplus in 1998 of the order of 2 per cent of GDP. In keeping with the commitment given at the time of the revaluation of the Irish pound in March, the surplus in 1998 will be used to reduce debt.
With regard to the redemption of loans and financial instruments, it should be noted that current funding requirements, which take account of the combination of the budgetary surplus and maturing loans, are actively managed on a global basis, together with the stock of existing debt, with a view to achieving the most cost effective outcome possible over time.
In the period from 1 January 1998 to 13 November 1998 loans or other financial instruments amounting to some £1.234 million were repaid. A list of these instruments is attached.
|
IR£m. |
|
|
1. Private Placements |
|
|
5.45% CHF 25 million Loan due September 1998 |
(12.1) |
|
5.5% Yen 10 billion Loan due February 2003 |
(57.8) |
|
(69.9) |
|
|
2 Public Bond Issues |
|
|
6.2% JYP 20 billion Samurai Bonds 7th Series due November 1998 |
(112.4) |
|
7.75% LUF 2 billion Public Bond Issue due 24 April 1998 |
(38.4) |
|
7.75% LUF 2 billion Public Bond Issue due 25 June 1998 |
(38.5) |
|
(183.3) |
|
|
2 Euro Medium Term Notes |
|
|
DEM 40 million Floating EMTN due March 1998 |
(15.9) |
|
GBP 20 million Floating Rate EMTN due April 1998 |
(24.2) |
|
GBP 10m Periodic Capped Floating EMTN due 1998 |
(11.5) |
|
(51.6) |
|
|
4 EMS Loans |
(0.5) |
|
5 Currency Swaps (Swap Driven Issues) |
(35.2) |
|
6 EIB Loans |
(105.2) |
|
7 Foreign Section 69 Loans |
(34.2) |
|
Grand Total Foreign |
(486.2) |
|
IR£m. |
|
|
1 Domestic Bonds |
|
|
9.75% Capital Stock 1998 |
-720.0 |
|
14.5% Finance Loan 1998/2000 |
-27.5 |
|
Total Domestic Bonds Matured |
-747.5 |
