The Central Bank of Ireland today confirmed its final disposal of Irish Government floating rate notes

The Bank acquired a range of assets following the liquidation of the Irish Bank Resolution Corporation in February 2013. These included Promissory Notes which were exchanged for a portfolio of €25.034 billion in floating rate notes (FRNs), which were standard long-dated government bonds, with regular interest payments varying with market rates. At the time, the Central Bank committed to dispose of these floating rate notes as soon as possible, once conditions of financial stability permitted. The remaining asset from this portfolio, the final €534 million of the floating rate note - which was due to mature on 18 June 2053 - was sold today by the Central Bank and was purchased by the NTMA.

Commenting on the sale of the floating rate notes, Deputy Governor Vasileios Madouros said: “Today marks the end of the sale of the floating rate notes that were first acquired in connection with the Irish Bank Resolution Corporation Act in February 2013. The sale of these bonds, ahead of schedule, represents the end of a long chapter in Ireland’s banking crisis. The long-lasting scars that crises can leave on the economy and society underscore the importance of the substantial regulatory reforms introduced over the past decade to strengthen the resilience of the banking system.”