6. Irish Government Bonds
| 2017 €m |
2016 €m |
||
|---|---|---|---|
| Fixed Rate Bonds | 110,837 | 101,418 | |
| Floating Rate Bonds | 15,534 | 19,534 | |
| Amortising Bonds | 597 | 693 | |
| Index Linked Bonds | 613 | - | |
| 127,581 | 121,645 |
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 2017, the Agency bought and cancelled €4 billion of the Floating Rate Bonds at a premium of €1.95 billion (2016: €1.36 billion). The bonds were purchased from the CBI, reducing the total nominal outstanding of the Floating Rate Bonds to €15.53 billion (2016: €19.53 billion). The CBI intends to sell these securities in accordance with the following schedule, at a minimum: 2018 €0.5 billion, 2019-2023 (€1 billion per annum), and 2024 onwards (€2 billion per annum) until all bonds are sold.
Since the year-end, the Agency has bought and cancelled a further €1.5 billion of the Floating Rate Bonds.