I propose to take Questions Nos. 69 and 70 together.
There has been speculation for some time now about the extent of the European Central Bank's (ECB) purchases of sovereign debt on the secondary markets. The Central Bank of Ireland maintains the register of holders of Irish Government bonds. As I outlined to the Deputy in response to a similar question back in February, I am informed by the Central Bank that the ECB does not disclose its holdings of sovereign debt and therefore it is not possible to supply the information requested by the Deputy. As regards the income the ECB earns from securities purchased under the Securities Market Programme (SMP) the ECB distributes profits from securities purchased under the SMP to National Central Banks in the form of an interim distribution of profit. The Governing Council of the ECB may decide to retain all or part of that income, in certain circumstances.
Of course, and as the Deputy will be aware, preliminary discussions which could have a positive effect on the Irish debt situation are underway. This follows on from the end-June euro area summit where it was agreed that the situation of the Irish financial sector would be examined with the view of further improving the sustainability of the well-performing adjustment Programme. This is a positive development for Ireland. However, it is important not to prejudice the outcome of these negotiations by commenting on the likely contents of any agreement at this time. I can assure the Deputy that we will seek to be ambitious in the negotiations and will seek to agree the best deal possible for the Irish taxpayer.