Wednesday, 3 July 2013

Questions (84)

Michael McGrath


84. Deputy Michael McGrath asked the Minister for Finance if sales have taken place to date by the Central Bank of Ireland of the portfolio of Irish Government bonds it holds which replaced the Irish Bank Resolution Corporation promissory notes; the total value of such transactions; and if he will make a statement on the matter. [32608/13]

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Written answers (Question to Finance)

I have been advised by the Central Bank that the portfolio of Government bonds now held by the Bank following the liquidation of IBRC will be sold as soon as possible, provided conditions of financial stability permit. The Bank has, however, undertaken that a minimum amount of bonds will be sold in accordance with the following schedule: to end 2014 (€0.5bn), 2015-2018 (€0.5bn p.a.), 2019-2023 (€1bn p.a.), 2024 and after (€2bn p.a.). The Bank normally reports in detail on its balance sheet only at annual intervals although it also publishes a more aggregate balance sheet on a monthly basis. While the latter does not contain details of its investment holdings, it is my understanding that no sales have so far taken place from this portfolio.