Statement of Income and Expenditure and Retained Earnings

Year Ended 31 December

Note 2015
€'000
2014
€'000
Investment Income 3 9,241 129,625
Interest Paid and Payable 4 (8,118) (8,121)
Operating Expenses 5 (26,821) (27,312)
(Deficit)/Surplus for the Year (26,821) 94,192
Balance at Beginning of Year 190,410 96,218
Balance at End of Year 164,712 190,410

The accompanying notes form an integral part of the financial statements.

On behalf of the Agency

Conor O'Kelly, Chief Executive
National treasury Management Agency

Willie Walsh, Chairperson
National Treasury Management Agency

24 May 2016