Floating Rate Bonds – Settlement of IBRC Promissory Notes:
Following the liquidation of 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 2016, the Agency bought and cancelled €3 billion (2015 €2 billion) of the Floating Rate Bonds. The bonds were purchased from the CBI, reducing the total nominal outstanding of the Floating Rate Bonds to €19.53 billion (2015 €22.53 billion). The CBI intends to sell these securities in accordance with the following schedule, at a minimum: 2017-2018 €0.5 billion per annum, 2019-2023 (€1 billion per annum), and 2024 on (€2 billion per annum) until all bonds are sold.

On both the 16 February 2017, and 3 May 2017, the Agency bought and cancelled €500 million of Floating Rate Treasury Bonds.

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