10. Short Term Paper

National Debt of Ireland

The Agency issues short-term paper of 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 back into euro using foreign exchange contracts.

2015
€m
2014
€m
Exchequer Notes 1,197 1,241
Central Treasury Notes 131 154
European Commercial Paper Programmes 1,019 2,207
Irish Treasury Bills - 500
2,347 4,102

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