Minister McGrath welcomes the purchase and cancellation of the final tranche of the Floating Rate Bonds
Published on
Last updated on
Published on
Last updated on
The Minister for Finance Michael McGrath has today (7 September) welcomed the announcement by the National Treasury Management Agency (NTMA) of the cancellation of the final €534 million of the Floating Rate Bonds that were acquired by the Central Bank in 2013 following the liquidation of the Irish Banking Resolution Corporation (IBRC) – formerly Anglo Irish Bank - in February 2013.
Commenting on the cancellation, Minister McGrath said:
“I welcome the news that the NTMA has today purchased and cancelled the final tranche of the Floating Rate Bonds that were issued in connection with the liquidation of the Irish Bank Resolution Corporation (IBRC).
"This development brings to an end a specific consequence of the banking crisis of more than a decade ago and has also happened ahead of the original schedule for the disposal of the Floating Rate Bonds.
"I am also very happy to say that the substantial regulatory reforms put in place domestically and with our EU partners during the years since the crisis mean that the Irish banking system is much better placed to face any future challenges, should they arise.”
The National Treasury Management Agency (NTMA) has today announced the cancellation of the final €534 million of the Irish Floating Rate Treasury Bond which was due to mature on 18 June 2053. It was purchased from the Central Bank of Ireland and subsequently cancelled. This bond was issued in 2013 in connection with the Irish Bank Resolution Corporation Act.
Today’s transaction means that all eight of the Floating Rate Bonds issued in 2013 have now been fully purchased and cancelled:
Year | Amount |
€ billion | |
2014 | 0.5 |
2015 | 2.0 |
2016 | 3.0 |
2017 | 4.0 |
2018 | 4.0 |
2019 | 3.0 |
2020 | 1.0 |
2021 | 2.0 |
2022 | 3.0 |
2023 | 2.534 |
Total | 25.034 |
Bond | Issued Feb 2013 | Outstanding September 2023 |
€ billion | € billion | |
Floating Rate Treasury Bond 2038 | 2.000 | - |
Floating Rate Treasury Bond 2041 | 2.000 | - |
Floating Rate Treasury Bond 2043 | 2.000 | - |
Floating Rate Treasury Bond 2045 | 3.000 | - |
Floating Rate Treasury Bond 2047 | 3.000 | - |
Floating Rate Treasury Bond 2049 | 3.000 | - |
Floating Rate Treasury Bond 2051 | 5.000 | - |
Floating Rate Treasury Bond 2053 | 5.034 | - |
Total | 25.034 | 0.0 |