Joan Collins
Question:26. Deputy Joan Collins asked the Minister for Finance if the ECB seeking his Department to dispose the €25 billion of sovereign bonds to the open market in 2014. [15982/14]
View answerTuesday, 8 April 2014
Questions (26)
Written answers
I assume the Deputy is referring to the bonds issued to the Central Bank of Ireland to replace the IBRC Promissory Notes in February 2013.
The Central Bank of Ireland is independent in the exercise of its functions and the management of its investment holdings are a matter for the bank themselves, neither I nor the Department of Finance have any role in the matter.
I have been advised by the Central Bank that the portfolio of Government bonds now held by the Central Bank following the liquidation of IBRC will be sold in accordance with the schedule listed below, taking conditions of financial stability into account.
The Central Bank has 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 Central 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 Central Bank will report on any progress towards the €0.5 billion minimum sales by end-2014.