Statement of Changes in Net Assets


as at 31 December 2016

Discretionary portfolio Directed portfolio Total
Note 2016
€m
2015
€m
2016
€m
2015
€m
2016
€m
2015
€m
Profit / (loss) for the year 234 69 (1,110) 2,784 (876) 2,853
Transfers (to) / from the Exchequer
11

-

335

-

(3,500)

-

(3,165)
Assets transferred from the NPRF
11

0

1

-

0

0

1
Assets transferred between portfolios
-

280

-

(280)

-

-
Increase / (decrease) in net assets
234

685

(1,110)

(996)

(876)

(311)
Net assets at beginning of year
7,857

7,172

14,001

14,997

21,858

22,169
Net assets at end of year 8,091 7,857 12,891 14,001 20,982 21,858

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

8 May 2017