159. Deputy Gerry Adams asked the Minister for Finance if he will confirm that notwithstanding the additional contingent debt liability to the State from the existence of outstanding the National Asset Management Agency bonds that shall be held by the Central Bank of Ireland as consideration for NAMA’s acquisition for the net debt owed by the Irish Bank Resolution Corporation to the Central Bank of Ireland, there is a clear economic incentive for the Irish Exchequer not to sell the IBRC assets now whose proceeds will redeem those bonds, but rather to retain the assets in NAMA and allow the Central Bank of Ireland to continue to make an annual sizeable profit on the issued NAMA bonds which can be returned to the Exchequer and help to reduce the annual deficit or contribute to capital investment job creation schemes; if he has calculated the annual profit the Central Bank of Ireland could accrue from the retention of the NAMA bonds issued to it as consideration for the IBRC debt on an annual basis if no IBRC assets were sold and all the IBRC assets transferred to NAMA; if he will provide an estimate of this figure on the expected NAMA bond interest rate and the ECB open market rate remaining at 0.75% for the next two years; and if he will make a statement on the matter. [19874/13]

Summary

159. Deputy Gerry Adams asked the Minister for Finance if he will confirm that notwithstanding the additional contingent debt liability to the State from the existence of outstanding the National Asset Management Agency bonds that shall be held by the Central Bank of Ireland as consideration for NAMA’s acquisition for the net debt owed by the Irish Bank Resolution Corporation to the Central Bank of Ireland, there is a clear economic incentive for the Irish Exchequer not to sell the IBRC assets now whose proceeds will redeem those bonds, but rather to retain the assets in NAMA and allow the Central Bank of Ireland to continue to make an annual sizeable profit on the issued NAMA bonds which can be returned to the Exchequer and help to reduce the annual deficit or contribute to capital investment job creation schemes; if he has calculated the annual profit the Central Bank of Ireland could accrue from the retention of the NAMA bonds issued to it as consideration for the IBRC debt on an annual basis if no IBRC assets were sold and all the IBRC assets transferred to NAMA; if he will provide an estimate of this figure on the expected NAMA bond interest rate and the ECB open market rate remaining at 0.75% for the next two years; and if he will make a statement on the matter. [19874/13]

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• NAMA Bonds

  xml · EN · 30 April 2013

  ViewDownloadOpen at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.