NTMA – Administration Account

Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas

National Treasury Management Agency – Administration Account

I have audited the administration account of the National Treasury Management Agency for the year ended 31 December 2013 under the National Treasury Management Agency Act 1990. The administration account, which has been prepared under the accounting policies set out therein, comprises the accounting policies, the income and expenditure account, the statement of total recognised gains and losses, the balance sheet and the related notes. The financial statements have been prepared in the form prescribed under section 12 of the Act, and in accordance with generally accepted accounting practice in Ireland.

Responsibilities of the Agency

The Agency is responsible for the preparation of the administration account, for ensuring that it gives a true and fair view of the state of the Agency’s affairs and of its income and expenditure, and for ensuring the regularity of transactions.

Responsibilities of the Comptroller and Auditor General

My responsibility is to audit the administration account and report on it in accordance with applicable law.

My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

My audit is carried out in accordance with the International Standards on Auditing (UK and Ireland) and in compliance with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of audit of the administration account

An audit involves obtaining evidence about the amounts and disclosures in the administration account, sufficient to give reasonable assurance that the administration account is free from material misstatement, whether caused by fraud or error. This includes an assessment of

• whether the accounting policies are appropriate to the Agency’s circumstances, and have been consistently applied and adequately disclosed.
• the reasonableness of significant accounting estimates made in the preparation of the account, and
• the overall presentation of the account.

I also seek to obtain evidence about the regularity of financial transactions in the course of audit.

In addition, I read the Agency’s annual report to identify material inconsistencies with the audited administration account. If I become aware of any apparent material misstatements or inconsistencies, I consider the implications for my report.

Opinion on the administration account

In my opinion, the administration account, which has been properly prepared in accordance with generally accepted accounting practice in Ireland, gives a true and fair view of the state of the Agency’s affairs at 31 December 2013 and of its income and expenditure for 2013.

In my opinion, proper books of account have been kept by the Agency. The administration account is in agreement with the books of account.

Matters on which I report by exception

I report by exception if

• I have not received all the information and explanations I required for my audit, or
• my audit noted any material instance where public money has not been applied for the purposes intended or where the transactions did not conform to the authorities governing them, or
• the information given in the Agency’s annual report is not consistent with the related administration account, or
• the statement on internal financial control does not reflect the Agency’s compliance with the Code of Practice for the Governance of State Bodies, or
• I find there are other material matters relating to the manner in which public business has been conducted.

I have nothing to report in regard to those matters upon which reporting is by exception.

 

Seamus McCarthy
Comptroller and Auditor General
28 June 2014

Accounting Policies

(a) Background

The National Treasury Management Agency (“the Agency”) operates with a commercial remit to provide asset and liability management services to Government. It has evolved from being a single function agency managing the National Debt to becoming the manager of a complex portfolio of public assets and liabilities. Businesses managed by the Agency include borrowing for the Exchequer and management of the National Debt, the State Claims Agency, the New Economy and Recovery Authority, the National Pensions Reserve Fund and the National Development Finance Agency. It assigns staff to the National Asset Management Agency (“NAMA”) and also provides it with business and support services and systems. In addition, under the direction issued to the Agency under Statutory Instrument (S.I.) No. 115 of 2010, the Minister for Finance delegated a number of banking system functions to the Agency. This delegation was revoked with effect from 5 August 2011 under S.I. No. 395 of 2011 and the Agency Banking Unit has since then been seconded to the Department of Finance.

Under section 11 of the National Treasury Management Agency Act, 1990 the expenses incurred by the Agency in the performance of its functions shall be charged on and paid out of the Central Fund (Exchequer) or the growing produce thereof. Under sections 41 and 42 of the National Asset Management Agency Act 2009, the Agency provides NAMA with business and support services and systems in addition to assigning staff to the functions of NAMA. Such costs incurred by the Agency are reimbursed by NAMA to the Agency.

(b) Reporting Currency

The reporting currency is the euro, which is denoted by the symbol €.

(c) Basis of Accounting

The financial statements have been prepared on an accruals basis under the historical cost convention. The form of the financial statements has been approved by the Minister for Finance under section 12 of the National Treasury Management Agency Act, 1990.

(d) Fixed Assets and Depreciation

Fixed assets are stated at cost less accumulated depreciation. Fixed assets are depreciated by annual instalments over their estimated useful lives.

(e) Leasing

Rentals under operating leases are charged to the Income and Expenditure Account on an accruals basis.

(f) Pensions

The Agency operates a defined benefit pension scheme for certain employees and makes contributions to Personal Retirement Savings Accounts (“PRSA”) for other employees. Contributions are funded out of the Agency’s administration budget.

The defined benefit pension scheme costs are accounted for under FRS 17. Pension scheme assets are measured at fair value. Pension scheme liabilities are measured on an actuarial basis using the projected unit method. An excess of scheme liabilities over scheme assets is presented on the Balance Sheet as a liability. Deferred pension funding represents the corresponding asset to be recovered in future periods from the Central Fund.

The defined benefit pension charge in the Income and Expenditure Account comprises the current service cost and past service cost plus the difference between the expected return on scheme assets and the interest cost on the scheme liabilities. An amount corresponding to the pension charge is recognised as income recoverable from the Central Fund in future periods.

Actuarial gains and losses arising from changes in actuarial assumptions and from experience gains and losses are recognised in the Statement of Total Recognised Gains and Losses for the year in which they occur and a corresponding adjustment is recognised in the amount recoverable from the Central Fund.

The cost of contributions by the Agency to PRSAs is recognised as a charge in the Administration Account in the financial year to which the employee service relates.

(g) Software

Computer software costs are charged to the Income and Expenditure Account in the period in which they are incurred.

(h) Capital Account

The capital account represents receipts from the Central Fund which have been allocated for the purchase  of fixed assets. The receipts are amortised in line with depreciation on the related fixed assets.

Income and Expenditure Account

Year ended 31 December

		2013	2012
	Note	€000	€000
Income
Amount Receivable from Central Fund	1(a)	41,915	34,621
Other Income	2	41,847	37,715
Net Deferred Pension Funding	4(a)	1,049	948
Transfer from/(to) Capital Account	9	47	(274)
		84,858	73,010
Expenditure
Agency Costs	3(a)	(84,858)	(73,010)
Net Income/(Expenditure)		–	–

 

Notes 1 to 11 form part of these financial statements.

John C. Corrigan, Chief Executive
National Treasury Management Agency

27 June 2014

Statement of Total Recognised Gains and Losses

Year ended 31 December

		2013	2012
	Note	€000	€000
Actuarial (Loss)\Gain recognised on Pension Liabilities	5(f)	(1,630)	3,415
Movement in Deferred Pension Funding	4(b)	1,630	(3,415)
Total Recognised (Loss)\Gain		–	–

 

Notes 1 to 11 form part of these financial statements.

John C. Corrigan, Chief Executive
National Treasury Management Agency

27 June 2014

Balance Sheet

31 December

		2013	2012
	Note	€000	€000
Fixed Assets
Fixed Assets	6	3,202	3,249
Current Assets
Debtors	7	9,130	13,757
Cash at Bank and in Hand		3,180	1,393
Total Current Assets		12,310	15,150
Current Liabilities
Creditors	8	(12,310)	(15,150)
Current Assets less Current Liabilities		–	–
Total Assets less Current Liabilities before Pensions		3,202	3,249
Deferred Pension Funding	5(d)	3,549	870
Pension Liability	5(d)	(3,549)	(870)
		–	–
Total Assets less Current Liabilities		3,202	3,249
Representing:
Capital Account	9	3,202	3,249

 

Notes 1 to 11 form part of these financial statements.

John C. Corrigan, Chief Executive
National Treasury Management Agency

27 June 2014

Notes to the Financial Statements

1. Central Fund Income

(a) The Central Fund operates on a receipts and payments basis whereas these financial statements have been prepared on an accruals basis. The following table sets out the reconciling items:

		2012	2012
	Note	€000	€000
Opening Amount due to Central Fund		9,419	3,963
Received from Central Fund		37,938	40,077
Amount due to Central Fund at year end	8	(5,442)	(9,419)
Central Fund Receivable for year		41,915	34,621

 

(b) The total amount recognised as (payable to)/recoverable from the Central Fund is:

		2013	2012
	Note	€000	€000
Creditors	8	(5,442)	(9,419)
Deferred Pension Funding	5(d)	3,549	870
		(1,893)	(8,549)

 

2. Other Income

	2013	2012
	€000	€000
Recovery of Expenses from NAMA	40,768	36,890
Asset Covered Securities Income	811	465
Other Income	237	290
Recovery of Expenses from Covered Credit Institutions	31	70
	41,847	37,715

 

Under sections 41 and 42 of the National Asset Management Agency Act 2009, the Agency provides NAMA with business and support services and systems in addition to assigning staff to the functions of NAMA as agreed. The cost of these services for the year ended 31 December 2013 was €40.8m (2012: €36.9m).

Asset Covered Securities are issued under the Asset Covered Securities Act, 2001 as amended by the Asset Covered Securities (Amendment) Act 2007. The Act provides that in the event of a default by a bank registered as a designated mortgage credit institution or as a designated public credit institution under the Act, the Agency must in the following order, (i) attempt to secure an alternative service provider to manage the relevant asset pools, (ii) secure an appropriate body corporate to become the parent entity of the relevant pools or, (iii) manage the pools itself. In return, the Agency receives asset covered securities income based on the nominal amount of each asset covered bond in issue.

The Agency recovered professional fees of €0.03m (2012: €0.07m) relating to banking system functions.

Other income primarily comprises an annual service fee charged to the Housing Finance Agency for borrowing on its behalf under a Commercial Paper Programme.

3. Agency Costs

(a) Agency Costs

		2013	2012
	Note	€000	€000
Employment Costs		57,831	51,009
Operating Expenses		13,371	11,884
Defined Benefit Pension Annual Cost	5(e)	6,617	5,599
Professional Fees		5,803	3,242
Depreciation	6	1,088	1,121
PRSA Pension Costs	3(d)	148	155
Total Expenses		84,858	73,010

 

Operating expenses include technology costs, occupancy costs, business services costs and staff travel expenses.

Following an internal tax compliance review, the Agency agreed a voluntary unprompted settlement with the Revenue Commissioners in respect of historic tax matters amounting to €0.37m, which was paid in 2013.

Under the direction issued to the Agency under Statutory Instrument (S.I.) No. 115 of 2010, the Minister for Finance delegated a number of banking system functions to the Agency. This delegation was revoked with effect from 5 August 2011 under S.I. No. 395 of 2011 and the Agency Banking Unit has since then been seconded to the Department of Finance. At the direction of the Minister, the costs of the Banking Unit, comprising staff costs and professional adviser costs, continue to be met by the Agency. Professional adviser costs of €2.1m (2012: €1.1m) were incurred in this regard. These costs are included in the Agency costs set out above.

(b) Expenses of the Agency for Specified Functions

	2013 €m	2012 €m
National Asset Management Agency	40.8	36.9
State Claims Agency	11.5	10.3
National Development Finance Agency	7.1	6.1
National Pensions Reserve Fund	3.9	3.9

 

(c) Remuneration and Expenses
Advisory Committee Fees & Expenses
Remuneration of Advisory Committee members is set by the Agency with the consent of the Minister for Finance. Remuneration in respect of 2012 and 2013 is set out below:

	2013 €	2012 €
Willie Walsh (Chairperson – appointed 11 November 2013)	–	–
David Byrne (Chairperson – term ended 31 December 2012)	–	45,000
Kevin Cardiff (term ended 3 February 2012)	–	–
Hugh Cooney (term ended 31 December 2012)	–	22,500
Brendan McDonagh	22,500	22,500
John Moran (appointed 6 March 2012)	–	–
Tytti Noras	22,500	22,500
Donald Roth	22,500	22,500
Board Fees	67,500	135,000

The Chairperson of the Advisory Committee (Willie Walsh) waived his remuneration for 2013.

Kevin Cardiff and John Moran served on the Committee in their capacity as Secretary General of the Department of Finance. They received no remuneration in respect of their membership.

Remuneration of the Advisory Committee members set out above takes into account a 10 per cent reduction in fees agreed by the Committee with effect from 1 January 2012.

Expenses incurred in respect of Committee members are set out below:

Committee Member1	Travel	Accommodation & Subsistence	Tax	Total 2013	Total 2012
	€	€	€	€	€
Brendan McDonagh	17,122	2,037	13,507	32,666	20,200
Tytti Noras	6,283	1,738	2,369	10,390	8,330
Donald Roth	19,735	1,663	13,390	34,788	28,032
	43,140	5,438	29,266	77,844	56,562

Advisory Committee members are reimbursed approved expenses on a vouched basis. The Revenue Commissioners have clarified that tax is payable on these vouched expenses. The relevant taxes payable to the Revenue Commissioners for 2013 are identified separately above. The 2012 expenses are shown inclusive of tax.

¹ Brendan McDonagh lives in Bermuda, Tytti Noras lives in Finland and Donald Roth lives in the USA. Expenses relate to travel and accommodation costs to attend Advisory Committee meetings in the Agency’s offices in Dublin.

(c) Remuneration and Expenses
Chief Executive Remuneration

	2013	2012
Salary	€416,500	€416,500
Taxable benefits	€29,129	€29,600

The Chief Executive’s pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme.

The remuneration of the Chief Executive is determined by the Minister for Finance after consultation with the Advisory Committee. In 2012, the Chief Executive agreed to waive 15 per cent of his salary following a request by the Minister for Finance and this adjustment is reflected above. The pay reductions provided for in the Financial Emergency Measures in the Public Interest Act 2013, which took effect from 1 July 2013, apply to NTMA staff. Notwithstanding the reductions imposed by this Act, the Chief Executive has continued to waive such amount that his annual base salary remains as it was under the original waiver arrangement.

The remuneration of the Chief Executive consists of basic salary, taxable benefits (car and health insurance) and a performance related payment of up to 80 per cent of annual salary. The Chief Executive waived any consideration for performance related pay in respect of 2012 and 2013.

(d) Superannuation
Superannuation entitlements of staff are conferred under a defined benefit superannuation scheme set up under section 8 of the National Treasury Management Agency Act, 1990. Contributions, including those of staff who have opted for defined benefit arrangements, are transferred to an externally managed fund. The Agency contribution is determined on the advice of an independent actuary. For 2013 the Agency contribution was set at a level of 25 per cent of salary in respect of members of the Scheme prior to 1 January 2010 who receive benefits based on final salary. A contribution of 10 per cent of salary was made in respect of new members of the Scheme from 1 January 2010. These new entrants, including staff that previously availed of PRSA arrangements, will receive benefits based on career average earnings. Contributions to the defined benefit scheme by the Agency for the year ended 31 December 2013 amounted to €5.568m (2012: €4.651m). Following an actuarial review at the end of 2013, the contribution rate for all members is set at 14.2 per cent for 2014.

Liabilities arising under the defined benefit scheme are provided for under the above arrangements, except for entitlements arising in respect of the service of certain members of the Agency’s staff recruited from other areas of the public sector. On 7 April 1997 the Minister for Finance designated the Agency as an approved organisation for the purposes of the Public Sector (Transfer of Service) Scheme. This designation provides for, inter alia, contributions to be made out of the Exchequer, as and when benefits fall due for payment in the normal course, in respect of prior service of former civil servants employed by the Agency. No provision has been made for funding the payment of such entitlements.

The Agency also contributed €147,791 (2012: €154,705) to PRSAs for a number of employees who are not members of the defined benefit scheme in 2013.

4. Net Deferred Pension Funding

(a) Net Deferred Pension Reserve Funding in respect of the Year

		2013	2012
	Note	€000	€000
Funding Recoverable in Respect of Current Year Pension Costs	5(e)	6,617	5,599
Income Applied To Pay Contributions to Pension Fund	3(d)	(5,568)	(4,651)
Net Deferred Pension Funding		1,049	948

 

(b) Movement in the Deferred Pension Funding

		2013	2012
	Note	€000	€000
Movement in amount recoverable in respect of current year actuarial loss/(gain)	5(f)	1,630	(3,415)

 

5. Retirement Benefits

(a) Defined Benefit Pension Scheme
The valuation of the defined benefit scheme used for the purposes of FRS17 disclosures has been based on data provided by the scheme administrator. The valuation has been determined by an independent actuary to take account of the requirements of FRS17 in order to assess the liabilities at the balance sheet date. Scheme assets are stated at their market value at the balance sheet date.

(b) Change in the Present Value of Defined Benefit Obligations

	2013 €000	2012 €000
Benefit Obligations at Beginning of Year	63,254	52,560
Service Cost	7,616	6,130
Interest Cost	3,034	2,974
Actuarial (Gain)/Loss	6,060	2,211
Benefits Paid	(344)	(490)
Premiums Paid	(130)	(131)
Benefit Obligations at End of Year	79,490	63,254

(c) Change in the Fair Value of Scheme Assets

	2013 €000	2012 €000
Fair Value of Scheme Assets at Beginning of Year	62,384	49,223
Expected Return on Scheme Assets	2,921	2,504
Actuarial Gain	4,430	5,626
Employer Contributions	5,568	4,651
Member Contributions	1,112	1,001
Benefits Paid from Scheme	(344)	(490)
Premiums Paid	(130)	(131)
Fair value of Scheme Assets at End of Year	75,941	62,384
Scheme assets	%	%
The Asset Allocations at the Year End were as Follows:
Equities	51.20	49.38
Bonds	34.31	33.82
Property	4.19	4.83
Alternatives	9.93	8.19
Cash	0.37	3.78
	100.00	100.00

To develop the assumption for the expected long-term rate of return on assets, consideration was given to the current level of expected returns on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the actual asset allocation to develop the assumption for the expected long-term rate of return on assets for the portfolio.

	2013 €000	2012 €000
Actual Return on Scheme Assets	7,351	8,130

 

(d) Scheme Surplus/(Deficit)

	2013 €000	2012 €000
Fair Value of Scheme Assets	75,941	62,384
Present Value of Funded Obligations	(79,490)	(63,254)
Deficit at year end	(3,549)	(870)
Amounts in the Balance Sheet
Deferred Pension Funding	3,549	870
Pension Liability	(3,549)	(870)

(e) Components of Pension Expense
The amount recognised in the Income and Expenditure Account is as follows:

		2013	2012
	Note	€000	€000
Total Service Cost		7,616	6,130
Less Employee Contributions		(1,112)	(1,001)
Employer Current Service Cost		6,504	5,129
Interest Cost		3,034	2,974
Expected Return on Scheme Assets		(2,921)	(2,504)
Income and Expenditure Charge	3(a)	6,617	5,599

 

(f) Actuarial gain/(loss)
The actuarial gain/(loss) recognised in the statement of total recognised gains and losses is as follows:

	2013 €000	2012 €000
Actuarial Loss on Scheme Obligations	(6,060)	(2,211)
Actuarial Gain on Scheme Assets	4,430	5,626
Statement of Total Recognised Gains and Losses	(1,630)	3,415

 

(g) Principal Actuarial Assumptions
The principal actuarial assumptions used were as follows:

	2013 %	2012 %
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.00	4.30
Rate of salary increase	3.00	3.00
Rate of price inflation	2.00	2.00
Rate of pension increase	2.00/3.00	2.00/3.00
Weighted average assumptions used to determine pension expense:
Discount rate	4.30	5.10
Expected long-term return on scheme assets	4.46	4.84
Rate of salary increase	3.00	4.00
Rate of price inflation	2.00	2.00
Rate of pension increase	2.00/3.00	2.00/4.00
	Years	Years
Weighted average life expectancy at age 60 for mortality tables used to determine benefit obligations:
Future Pensioners
– Male (current age 45)	30.5	30.4
– Female (current age 45)	31.6	31.5
Current Pensioners
– Male (current age 60)	28.6	28.4
– Female (current age 60)	30.0	29.9
Weighted average life expectancy at age 65 for mortality tables used to determine benefit obligations:	Years	Years
Future Pensioners
– Male (current age 45)	26.0	25.9
– Female (current age 45)	27.0	26.9
Current Pensioners
– Male (current age 65)	23.5	23.3
– Female (current age 65)	24.9	24.8
Expected return on assets by asset allocation:	%	%
Equity securities	6.50	6.50
Debt securities	3.00	3.00
Property	5.50	5.50
Cash	1.00	1.00
Alternatives	6.50	6.50
Weighted average return based on asset allocation	4.49	4.46

 

The estimated pension expense for the year ended 31 December 2014 is €8.871m.

(h) History of Defined Benefit Obligations, Assets and Experience Gains and Losses

	2013 €000	2012 €000	2011 €000	2010 €000	2009 €000
Defined Benefit Obligation	79,490	63,254	52,560	42,829	37,993
Fair Value of Scheme Assets	75,941	62,384	49,223	44,492	38,619
Deficit/(Surplus)	3,549	870	3,337	(1,663)	(626)
Difference between Expected and Actual Return on Scheme Assets:
Amount	(4,430)	(5,626)	3,528	224	(5,373)
Expressed as a % of Scheme Assets	(5.8%)	(9.0%)	7.2%	0.5%	(13.9%)
Experience (Gain)/Losses on Scheme Liabilities:
Amount	532	(1,128)	(821)	(1,814)	(1,348)
Expressed as a % of Scheme Liabilities	0.7%	(1.8%)	(1.6%)	(4.2%)	(3.5%)

 

6. Fixed Assets

	Property Fit-Out Costs	Furniture, Equipment & Motor Vehicles	Total
	€000	€000	€000
Cost:
Opening Balance at 1 January 2013	2,494	7,346	9,840
Additions at Cost	324	738	1,062
Disposals	–	(118)	(118)
Balance at 31 December 2013	2,818	7,966	10,784
Accumulated Depreciation:
Opening Balance at 1 January 2013	1,383	5,208	6,591
Depreciation for the Period	81	1,007	1,088
Disposals	–	(97)	(97)
Balance at 31 December 2013	1,464	6,118	7,582
Net Book Value at 31 December 2013	1,354	1,848	3,202
Net Book Value at 31 December 2012	1,111	2,138	3,249

 

The estimated useful life of fixed assets by reference to which depreciation is calculated is as follows:

Property Fit-Out	20 years
Equipment & Motor Vehicles	3 to 5 years
Furniture	10 years

The capitalised property costs relate to the fit-out costs of the office space occupied by the Agency. The property is leased under long-term leases, as referred to in Note 10.

 

7. Debtors

	2013 €000	2012 €000
Amounts Receivable from NAMA	5,351	8,778
Other Debtors	2,315	2,893
Prepayments	1,464	2,086
	9,130	13,757

 

8. Creditors

	2013 €000	2012 €000
Central Fund	5,442	9,419
Creditors	3,524	1,809
Deferred Income	1,563	2,032
Accruals	1,781	1,890
	12,310	15,150

 

Deferred Income relates to a reverse premium on rental payments that will be credited to the Income and Expenditure Account on an annual basis in the period to April 2017 (Note 10).

9. Capital Account

			2013 €000	2012 €000
Opening Balance			3,249	2,975
Transfer from/(to) Income and Expenditure Account
Asset Funding
– Fixed Assets		1,062
Amortisation of Capital Funding
– Amortisation in Line with Depreciation	(1,088)
– Net amount Released on Asset Disposal	(21)	(1,109)	(47)	274
Closing Balance			3,202	3,249

10. Commitments

Operating Leases
In 1991, 2004 and 2007, the Agency entered into lease agreements of varying duration until 2026 and 2027, in respect of office accommodation at Treasury Building, Grand Canal Street, Dublin 2. The Agency also entered into a lease in 2012 until 2017 in respect of office accommodation on the fourth floor at Treasury Building, Grand Canal Street, Dublin 2.

The gross annual rental cost under these operating leases is €2.8m, excluding a reverse premium of €0.5m per annum relating to deferred income included in Note 8.

The nominal future minimum lease payments are set out in the following table:

	Less than 1 year	1-5 years	More than 5 years	Total
31 December 2013	€000	€000	€000	€000
Operating Leases	2,828	9,527	13,861	26,216

 

11. Events since the Balance Sheet Date

In May 2014, the Government published the National Treasury Management Agency (Amendment) Bill. The Bill will, when enacted, streamline and simplify the NTMA’s governance structures to enable a more integrated approach to the performance of its functions. The NTMA will be reconstituted as a body with a Chairperson and eight other members who will have over-arching responsibility for all of the NTMA’s functions (excluding NAMA which will continue to have its own separate board). The National Development Finance Agency Board, NTMA Advisory Committee, NPRF Commission and State Claims Policy Committee will be dissolved.

There is no impact to the carrying values on the Balance Sheet.