9. Short Term Paper

The Agency issues short-term paper with maturities of up to one year to raise short-term funds. The proceeds are used to fund the Exchequer deficit and as bridging finance in the replacement of longer term debt, and for other liquidity management purposes. Borrowings may be in a range of currencies, but all non-euro borrowings are immediately swapped into euro using foreign exchange contracts.

2017
€m
2016
€m
Exchequer Notes 2,061 1,858
Irish Treasury Bills 2,009 1,008
European Commercial Paper Programmes 536 342
Central Treasury Notes 160 167
4,766 3,375

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NOTE 10 >