Thursday, 24 October 2013

Questions (97)

Michael McGrath

Question:

97. Deputy Michael McGrath asked the Minister for Finance the level of sales of Irish Government bonds held by the Central Bank of Ireland following the deal in respect of the Irish Bank Resolution Corporation promissory note undertaken to date; and if he will make a statement on the matter. [45575/13]

View answer

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, in its Annual Report for 2013, the Bank will report on any progress towards the €0.5 billion minimum sales by end-2014.

Questions Nos. 98 to 100, inclusive, answered with Question No. 68.