Reserves will reduce its borrowing requirement in coming years, agency says
Frank O’ Connor, NTMA chief executive, with the Minister for Finance Jack Chambers at the launch of the agency's annual 2023 annual report, at Treasury Dock, North Wall Quay, Dublin. Photograph: Dara Mac Dónaill / The Irish Times
The National Treasury Management Agency said on Tuesday it was sitting on €27 billion of cash and liquid assets at the end of June, which will reduce its borrowing requirement in the coming years. This follows the agency raising €5 billion in benchmark bonds at a weighted average market interest rate – or yield – of 2.75 per cent so far this year. Its official target is to raise between €6 billion and €10 billion this year.
“Given the strong cash position and fiscal outlook, there is just one bond auction scheduled for the third quarter of 2024,” the NTMA said as it published its annual report for 2023. “Ireland’s public debt has one of the longest average maturities in Europe. At 10 years currently, the long average life of the medium- to long-term debt portfolio means debt maturities are relatively limited in the years ahead, reducing refinancing risk,” it said.Euro zone inflation slows to 2.5%Michael McGrath: ‘Nothing is ever as it seems.
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