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Short-term Instruments

The NTMA’s short-term debt programme, comprising Treasury Bills, Commercial Paper and Exchequer Notes, provides liquidity and flexibility in the timing of long-term funding operations.

Treasury Bills

Irish Treasury Bills are zero coupon instruments which normally have maturities at issue of between one and twelve months. The main features of Irish Treasury Bills are set out in the NTMA’s Irish Treasury Bills Information Memorandum (249 KB, PDF format).

Treasury Bills are issued primarily through an auction system. Participation in auctions is limited to recognised primary dealers in Irish Government Bonds and eligible counterparties.

Dealer Location Telephone
Barclays Capital London +44 207 773 5200
BNP Paribas Paris +44 207 595 8777
Cantor Fitzgerald Ireland Ltd Dublin +353 1 633 3882
Citigroup London +44 207 986 8907
Danske Bank Copenhagen +45 4514 3970
Davy Dublin +353 1 614 8986
Deutsche Bank Frankfurt +49 69 910 30810
Goldman Sachs London +44 207 774 6093
HSBC CCF Paris +33 1 407 07172
JP Morgan London +44 207 779 3400
Merrill Lynch International London +44 207 996 6749
Morgan Stanley London +44 207 425 8000
Nomura International plc London +44 207 521 2000
Natwest Markets London +44 207 085 0133
Société Générale Paris +33 1 42 13 56 67
UBS Limited London +44 207 567 4747
Eligible counterparties Location Telephone
Bred Banque Populaire Paris +33 1 4344 9790
Commerzbank London +44 207 469 3126
Santander GBM Madrid +34 91 257 2067

Ireland Multi-Currency Euro Commercial Paper Programme

Ireland has a USD 50 billion multi-currency Euro Commercial Paper (ECP) Programme which is listed on the Irish Stock Exchange. The programme is fully STEP (Short-Term European Paper) compliant and therefore carries the STEP label. Paper is only sold through approved dealers and prices are quoted on Bloomberg while the maximum tenor available under the programme is 364 days. This programme is used as bridging finance in the replacement of longer term debt and for other liquidity management purposes. The dealers under the programme and their contact details are as follows:

Dealer Telephone
Bank of America Securities Limited +44 207 996 8904
Barclays Bank Plc +44 207 773 7863
BNP Paribas +33 1 4316 9734
Bred Banque Populaire +33 1 4344 9790
Citibank International Plc +44 207 986 9070
Credit Agricole +33 1 4189 1818
Goldman Sachs International +44 207 774 2630
ING Bank NV +31 2056 38 181
Natwest Markets +44 207 085 3593
UBS Limited +44 207 329 0203
Nomura International Plc +44 207 103 5994

Issuing Agent & Paying Agent: Bank of New York Mellon.


US Commercial Paper Programme

Ireland’s US Commercial Paper programme was launched in July 2009. Funds are raised within the United States, in US dollars, and are swapped into euro. Typical trades are in amounts of USD 50 million to USD 100 million. The dealers on the programme and their contact details are as follows:

Dealer Telephone
Bank of America Securities LLC +1 646 855 3230
Barclays Capital Inc. +1 212 412 2112
Citigroup Global Markets Inc +1 212 723 6378
Goldman, Sachs and Co. +1 212 902 8262
J.P. Morgan Securities Inc. +1 212 834 5543

The issuing and paying agent is Bank of America, N.A., LaSalle Global Trust Services.


Exchequer Notes

The Exchequer Note programme provides short-term funding directly from wholesale institutional clients. The available maturities range up to one year. Exchequer Notes are issued on a discount basis in line with commercial paper.

Please contact Dymphna McHugh or Niall Monks (+353 1 238 4725) with queries concerning short-term paper.