7. Irish Government Bonds
National Debt of Ireland
2015 €m |
2014 €m |
|
---|---|---|
Fixed Rate Bonds | 101,500 | 90,600 |
Floating Rate Bonds (see below) | 22,534 | 24,534 |
Amortising Bonds | 1,052 | 1,205 |
125,086 | 116,339 |
Floating Rate Bonds – Settlement of IBRC Promissory Notes:
Following the liquidation of the Irish Bank Resolution Corporation (“IBRC”) on 7 February 2013, and the agreement between the Irish Government and the Central Bank of Ireland (“CBI”) to replace the promissory notes provided to State-owned IBRC with long-term Government Bonds, the promissory notes were cancelled and replaced with eight new Floating Rate Treasury Bonds. A total amount of €25.03 billion was issued on 8 February 2013 to the CBI, with maturities ranging from 25 to 40 years.
During 2015, the Agency bought and cancelled €2 billion (2014 €0.5 billion) of the Floating Rate Bonds. The bonds were purchased from the CBI, reducing the total nominal outstanding of the Floating Rate Bonds to €22.53 billion (2014 €24.53 billion). The CBI intends to sell a minimum of these securities in accordance with the following schedule: 2016-2018 (€0.5 billion per annum), 2019-2023 (€1 billion per annum), and 2024 on (€2 billion per annum) until all bonds are sold.