Vol. 441 No. 7
18 Mr. Yates asked the Minister for Finance the proposals by the National Treasury Management Agency in relation to the selling of Government gilts from an agency and commission basis to a market-making situation; and if the Government take into account the views of Irish stockbrokers to ensure that the taxpayer will have the lowest debt servicing costs possible.
The statutory role of the National Treasury Management Agency is to borrow moneys for the Exchequer and to manage the national debt subject to the control and general superintendence and in compliance with any directions or guidelines of the Minister for Finance. The Agency is required, on an on-going basis, to minimise the cost of servicing the national debt.
I am informed that the Agency is examining the manner in which the market for Government bonds is organised and structured, since the structure of the bond market can affect the cost of funding. I understand that this examination has involved detailed consultation with market participants, including the Stock Exchange. I am at present awaiting the Agency's proposals on this matter. Any proposals for change will take into account the views of all market participants.
