I propose to take Questions Nos. 63 and 64 together.
I have been advised by the Central Bank that subsequent to the liquidation of IBRC, the Bank acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 bonds. The Central Bank's Annual Report for 2013 indicates that it intends to sell the combined portfolio of the FRNs and the fixed rate bond as soon as possible, provided conditions of financial stability permit. The Bank also indicates that, as a minimum, it will sell securities in accordance with the following schedule: to end 2014 (€0.5 billion), 2015-2018 (€0.5 billion per annum), 2019-2023 (€1 billion per annum), and 2024 on (€2 billion per annum until all bonds are sold).
The Report also notes that, as part of this strategy, the Bank sold €350 million of its holdings of the Government 2025 Fixed Rate Bond in 2013.
The Central Bank is independent in the exercise of its functions and the management of its investment holdings is a matter for the bank itself. Neither I nor the Department of Finance have any role in those matters.