Tuesday, 19 February 2013

Questions (252)

Gerry Adams

Question:

252. Deputy Gerry Adams asked the Minister for Finance if he will detail the aggregate of the principal of the National Assets Management Agency bonds that shall be issued in consideration for the net debt owed by the Irish Bank Resolution Corporation to the Central Bank of Ireland; if he will detail when these NAMA bonds shall be issued; if he will confirm whether these NAMA bonds shall be acceptable collateral under the ECB open market operations; if he will confirm whether if they are acceptable collateral under the ECB open market operations that the margin of profits accrued from these NAMA bonds by the Central Bank of Ireland are returned to the Exchequer here; and if he will make a statement on the matter. [8281/13]

View answer

Written answers (Question to Finance)

The Deputy will be aware that a Ministerial Direction issued to NAMA pursuant to Section 13 (1) of the Irish Bank Resolution Corporation Act 2013 on 7th February requires it to enter into a Deed of Assignment and Transfer with the Central Bank of Ireland on or about 22nd February 2013. The purchase price specified in this Deed had not been finalised with the Central Bank as of 18th February 2013. The expectation is that NAMA will issue these securities during the week beginning 18th February 2013. The NAMA bonds will be registered in a global form so as to ensure that the Notes will be held in a manner that meets Euro system eligibility. NAMA advises that, on the date of issue of the Bonds, it proposes to issue a statement.

The issue of margins of profits accrued is a matter for the Central Bank of Ireland. Any profits will be distributed in the normal manner.