The NTMA manages a range of public assets and liabilities. These include:
Funding and Debt Management
The NTMA is responsible for borrowing on behalf of the Government and managing the National Debt in order to ensure liquidity for the Exchequer and to minimise the interest burden over the medium-term.
State Claims Agency
Acting as the State Claims Agency, the NTMA manages personal injury, property damage and clinical negligence claims brought against certain State authorities, including Government ministers and health enterprises. It also has a risk management role, advising and assisting State authorities in minimising their claim exposures.
The purpose of NewERA is to provide a dedicated centre of corporate finance expertise to Government taking a commercial approach to the oversight of certain State companies. This includes advising on the governance of the State companies and their respective financial and commercial operation, including the expected rate of return on capital and appropriate dividend policy. In addition, NewERA may, in consultation with the relevant Minister, develop proposals for investment in the energy, water, telecommunications and forestry sectors to support economic activity and employment.
Ireland Strategic Investment Fund
The NTMA controls and manages the Ireland Strategic Investment Fund (ISIF) which was established on 22 December 2014 with a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State. The ISIF’s predecessor was the National Pensions Reserve Fund. The ISIF’s “Discretionary Portfolio,” which invests in line with the mandate as set out above, was valued at €8.0 billion as at 30 June 2016. The ISIF’s “Directed Portfolio” (public policy investments made at the direction of the Minister for Finance) was valued at €13.3 billion.
National Development Finance Agency
The National Development Finance Agency is the statutory financial advisor to State authorities in respect of all public investment projects with a capital value over €20 million. It also has full responsibility for the procurement and delivery of Public Private Partnership projects in sectors other than transport and the local authorities. It performs its functions through the NTMA.
The NTMA also provides staff and business support services to:
National Asset Management Agency
The National Asset Management Agency was established in 2009 as part of a range of measures introduced by the Government to safeguard the viability of a number of systemically important financial institutions. It has acquired certain loan assets (land and development and associated loans) in exchange for Government-guaranteed securities issued directly to the institutions. Its mandate is to manage acquired assets to obtain the best achievable financial return for the State. The NTMA assigns staff to NAMA and provides NAMA with business and support services.
Strategic Banking Corporation of Ireland
The Strategic Banking Corporation (SBCI) is a new company established in 2014 to avail of both national and international sources of funding for the purpose of making low-cost credit available to Irish SMEs. Credit will be provided through on-lending institutions who, in turn, will lend directly to SMEs. Funding for the SBCI has been provided from KfW (the German State Development Bank), the European Investment Bank and the Ireland Strategic Investment Fund.