I propose to take Questions Nos. 54, 55, 65 and 68 together.
The exchange of Irish Government Bonds for the IBRC Promissory took place on Friday 8 February 2013. The Deputy refers to the substitution of the Promissory Notes provided to Irish Bank Resolution Corporation with National Asset Management Agency bonds however this is not the case.
With regard to the question submitted by the Deputy about the duration and maturity of sovereign bonds I am going to assume that he is referring to the sovereign bonds issued to discharge the liability under the Promissory Notes and not the total stock of Irish sovereign bonds.
With this in mind, eight new Floating Rate Treasury Bonds have been issued to discharge the Promissory Notes liability consisting of:
a 25 year, €2bn bond maturing in 2038 with an interest rate of 6-month Euribor plus a margin of 2.50%;
a 28 year €2bn bond maturing in 2041 with an interest rate of 6-month Euribor plus a margin of 2.53%;
a 30 year, €2bn bond maturing in 2043 with an interest rate of 6-month Euribor plus a margin of 2.57%;
a 32 year, €3bn bond maturing in 2045 with an interest rate of 6-month Euribor plus a margin of 2.60%;
a 34 year, €3bn bond maturing in 2047 with an interest rate of 6-month Euribor plus a margin of 2.62%;
a 36 year, €3bn bond maturing in 2049 with an interest rate of 6-month Euribor plus a margin of 2.65%;
a 38 year, €5bn bond maturing in 2051 with an interest rate of 6-month Euribor plus a margin of 2.67%; and
a 40 year, €5bn bond maturing in 2053 with an interest rate of 6-month Euribor plus a margin of 2.68%.
The bonds will pay interest every six months (June and December).
This information is set out in tabular form on the NTMA's website at the following link: http://www.ntma.ie/news/ntma-issues-eight-new-floating-rate-treasury-bonds-in-exchange-for-promissory-notes/
The Deputy refers to the terms of any new bonds which will be issued. As is the case with all Irish sovereign bonds there are detailed offering circulars available on the NTMA website which outline the terms and conditions in detail. I attach the link here: http://www.ntma.ie/business-areas/funding-and-debt-management/government-bonds/