Dáil Éireann Debate, Tuesday - 23 April 2013
193. Deputy Pearse Doherty asked the Minister for Finance if he will provide a breakdown of other debt management expenses of €38.27m in the March 2013 Exchequer Statement showing description of cost and recipient. [18447/13]
View answerThe end-March Exchequer Statement shows that debt management expenses in the first quarter of 2013 were €38.27 million. This was almost €22 million lower than the corresponding period in 2012. A breakdown of debt management expenses in Quarter 1 2013 is provided in the following table.
|
€m |
Quarter 1 2013 |
|
Total Debt Management Expenses – of which: - Fees and Expenses – of which: Debt Expenses including facility fees State Savings Expenses - Expenses of NTMA |
38.27 27.55 19.46 8.10 10.72 |
Rounding may affect totals
Debt expenses including facility fees, which totalled €19.46 million in the first quarter, primarily cover expenses related to debt issuance, such as the 10 year €5 billion benchmark Government bond issued in March and the €2.5 billion syndicated tap of the October 2017 Treasury Bond in January. A total of some €11.9 million in syndication fees was paid to the joint-lead managers and the co-lead managers of these two syndications. These are the standard fees for the issue of bonds of these maturities by syndication in the euro area sovereign bond market and are also, for example, the fees paid by the European Investment Bank which has a 'AAA' credit rating.
There were also debt expenses paid to the Danish National Bank, Swedish National Debt Office and the IMF in respect of EU/IMF Programme loans. The amounts were €1 million, €1.5 million and €4.8 million respectively and made up the bulk of the remainder of debt expenses.
State savings expenses reflect the expenses associated with the State savings products such as Savings Bonds, the National Solidarity Bond, Saving Certificates, National Instalment Savings and Prize Bonds. An Post and the Prize Bond Company are agents of the NTMA in respect of these State Savings products. Payments of €5 million and €3.1 million were made to An Post and the Prize Bond Company respectively.
Expenses of the NTMA relate to the net funds drawn down from the Exchequer to cover the NTMA’s administrative costs.
