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Dáil Éireann debate -
Thursday, 20 Nov 2003

Vol. 575 No. 1

Written Answers. - Fiscal Policy.

Richard Bruton

Question:

110 Mr. R. Bruton asked the Minister for Finance the forecast for dividends from State companies which underpin the 2004 Estimates. [27979/03]

The opening position for 2004 will be published in the White Paper on receipts and expenditure on 29 November 2003 and this will include a forecast for dividends from State companies.

Richard Bruton

Question:

111 Mr. R. Bruton asked the Minister for Finance the rate of interest payable in Government borrowing each month in 2002 and in 2003 to date; and his forecast for 2004. [27980/03]

Government borrowing is undertaken through a variety of instruments. These include maturities which range from the very short-term in the cash market to long-term in the bond market, in addition to a range of personal savings products.

The main source of Government borrowing in 2002 and 2003 was the sale of Government bonds. The NTMA have provided me with details of each Government bond auction held in 2002 and 2003 to date, including the weighted average yield to redemption on the amount of bonds sold in each auction. This information is set out in table 1.

The cost of borrowing in 2004 will depend on market developments during that period. The current yields to redemption on the benchmark Irish Government bonds are shown in table 2.

Table 1

Bond Auctions in 2002 and 2003

Date

Bond

Amount

Weighted Average Yield to Redemption

€ million

%

Year 2002

21 February

4.25% Treasury Bond 2007

720

4.799

21 March

5% Treasury Bond 2013

600

5.464

18 April

4.25% Treasury Bond 2007

720

5.009

16 May

5% Treasury Bond 2013

720

5.468

20 June

4.25% Treasury Bond 2007

600

4.694

18 July

5% Treasury Bond 2013

720

5.133

15 August

4.25% Treasury Bond 2007

600

4.193

19 September

5% Treasury Bond 2013

600

4.570

17 October

4.6% Treasury Bond 2016

720

5.068

21 November

4.25% Treasury Bond 2007

600

3.84

Year 2003

20 February

3.25% Treasury Bond 2009

1,200

3.374

18 April

4.6% Treasury Bond 2016

650

4.453

15 May

3.25% Treasury Bond 2009

780

3.244

19 June

4.6% Treasury Bond 2016

600

4.057

17 July

3.25% Treasury Bond 2009

600

3.381

21 August

5% Treasury Bond 2013

720

4.213

18 September

3.25% Treasury Bond 2009

720

3.558

16 October

3.25% Treasury Bond 2009

700

3.748

Table 2

Bond

Yield to Redemption

%

4.25% Treasury Bond 2007

3.34

3.25% Treasury Bond 2009

3.70

5% Treasury Bond 2013

4.29

4.6% Treasury Bond 2016

4.52

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