The National Treasury Management Agency (NTMA) is a State body which operates with a commercial remit to provide asset and liability management services to Government. It has evolved from a single function agency managing the National Debt to a manager of a complex portfolio of public assets and liabilities. Businesses managed by the NTMA include borrowing for the Exchequer and management of the National Debt, the State Claims Agency (SCA), NewERA, the National Pensions Reserve Fund (NPRF) and the National Development Finance Agency (NDFA). The NTMA assigns staff to the National Asset Management Agency (NAMA) and also provides it with business and support services and systems.
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. The Funding and Debt Management Directorate also performs a number of other functions including NAMA and NPRF treasury operations, providing a Central Treasury Service for State bodies and local authorities and managing the assets of the Dormant Accounts Fund.
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. In addition, it deals with third-party costs arising from certain Tribunals of Inquiry.
NewERA
The core role of NewERA involves the oversight of the financial performance, corporate strategy, capital and investment plans of the following commercial State entities – ESB, Ervia (formerly Bord Gáis Éireann), EirGrid, Bord na Móna and Coillte. NewERA’s role also involves, where requested, advising on the disposal or restructuring of State assets. In addition, NewERA works with relevant stakeholders to develop proposals for investment in energy, telecommunications, water and forestry to support economic activity and employment.
National Pensions Reserve Fund
The NTMA is Manager of the National Pensions Reserve Fund which was established with the objective of meeting as much as possible of the costs of social welfare and public service pensions from 2025 onwards. The Government has published legislation to establish the Ireland Strategic Investment Fund which will fully absorb the NPRF and have a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.
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 (PPP) projects in sectors other than transport and the local authorities.
National Asset Management Agency
The National Asset Management Agency was established in 2009 as one of a number of initiatives taken by the Government to address the serious crisis in Irish banking which had developed as a result of excessive lending to the property sector. It has acquired certain loan assets (land and development and associated loans) with a nominal value of €74.2 billion for a consideration of €31.8 billion paid in the form of Government-guaranteed securities issued directly to the institutions. NAMA’s mandate is to manage acquired assets to obtain the best achievable financial return for the State.
Further information on the NTMA is available at www.ntma.ie.