Maeve Carton


Maeve Carton


Chairperson’s Statement

Demonstrating resilience, flexibility and adaptability

This 2020 Annual Report offers us an opportunity to reflect on the NTMA’s success in managing the serious challenges that emerged during the past year.

The organisation learnt a lot about itself and the calibre of people we have working here. Like organisations everywhere, employees in the NTMA had to learn new skills and adapt to new working practices at speed. I have huge admiration for the manner in which everyone across the organisation responded to the pandemic, from the Management Team to those working in areas like IT and Facilities who came into their own during the pandemic and who made it possible for the rest of us to continue to work as normal in circumstances which were, of course, very far from normal.

This Report also provides an opportunity to look forward, confident in the great resilience, flexibility and adaptability that have been demonstrated by the people working throughout the NTMA and which have put the organisation in an even stronger position to meet the challenges of the future.

The early months of 2021 bring a new hope and optimism that we are getting closer to a much less devastating phase of the COVID-19 pandemic. A resumption of normalised activity offers the prospect of a broad-based economic recovery, which would be positive for our society, for jobs, for employers and for the nation’s financial strength.

The Board and I are very proud of the fact that, despite the challenges of the pandemic, the NTMA made very strong progress across its mandates in 2020, as captured in detail throughout this Annual Report.

During 2020, the NTMA continued the implementation of its Gender Balance Strategy, which focuses on fostering the representation of women at senior decision making levels in the NTMA and enhancing women’s professional growth so that the NTMA can attract, retain and develop female employees.


Conor O’Kelly

Chief Executive

Conor O’Kelly

Chief Executive

Chief Executive’s Review

Creating significant value for the State

For the first time ever, this Annual Report of the NTMA looks back on the devastating impact of a global pandemic.

While in this Review we usually focus on the macro picture, 2020 has been a year in which our collective focus has centred far more on the importance of the individual and our shared vulnerability. A year where family, friends and colleagues experienced first-hand the devastating effects of COVID-19. Our thoughts are with the families and loved ones of those that passed away.

A year where family, friends and colleagues experienced first-hand the devastating effects of COVID-19. Our thoughts are with the families and loved ones of those that passed away.

Our world was turned upside down; long held assumptions about our priorities, our communities, our interconnected world and our use of technology were seen in the new and stark light of a pandemic.

For the world’s economy to work smoothly two things have to move freely - money and people.

Ten years ago in the Global Financial Crisis money stopped flowing freely and central banks around the world responded using every monetary policy tool available and they even created some new ones.

In 2020, monetary policy tools were again fully utilised but an unprecedented fiscal policy response was also required.

Ireland responded to the precipitous contraction in Q2 with the first counter-cyclical fiscal response in the history of the State.

The Government recorded a General Government deficit of over €18bn in 2020 and expects to record a similar number in 2021.

The Government recorded a deficit of over €18bn in 2020 and expects to record a similar number in 2021.


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.



Long-Term Insurance

€24.6bn of benchmark bond issuance at a weighted average yield of 0.21% and a weighted average maturity of 11.5 years. The balance was in private placements – seven notes with maturities ranging from 58 to 100 years.


Three New Bonds Issued via Syndication

€16bn from the sale of new 7, 10 and 15 year bonds.


Falling Interest Bill

General Government interest dropped to below €4bn in 2020, the lowest it has been since 2009 and some 50% below the 2013 peak.


Ireland Strategic Investment Fund

The NTMA controls and manages the Ireland Strategic Investment Fund (ISIF) which has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State.



Investment Performance

of investment gains in 2020, representing an investment return of +8.8% in the year. Over €1.7bn accumulated returns since inception by end-2020, 3.5% per annum since inception.


Investing in Ireland

the total commitment to Ireland including co-investment by private sector partners. ISIF commitments of €5.0bn across 143 investments has unlocked €8.6bn of co-investment commitments since inception.


Supporting COVID-Affected Businesses

Pandemic Stabilisation and Recovery Fund (PSRF) established to invest in medium and large-scale businesses in Ireland impacted by COVID-19. ISIF has made over €400m in commitments to a wide range of sectors and industries.


National Development Finance Agency

Acting as the National Development Finance Agency (NDFA), the NTMA provides financial advisory, procurement and project delivery services to State authorities on public infrastructure projects.



Delivering Projects

delivery of primarily education and housing PPP and non-PPP infrastructure projects with an estimated capital value of €1.3bn.


Providing Financial Advice

providing financial advice on PPP (procurement, construction and operations) and other infrastructure projects in different sectors including housing, climate action, health, transport and education with an estimated capital value of €5.6bn.


TU Dublin Grangegorman PPP

students will be facilitated in the new East and Central Quad PPP buildings at the TU Dublin Grangegorman Campus which has been procured by the NDFA. The East Quad was completed in December 2020 and the Central Quad was completed in March 2021.



Through NewERA, the NTMA provides a dedicated centre of corporate finance expertise to Government, providing financial advice to Ministers regarding their shareholdings in major commercial State bodies.



Additional Designated State Bodies

commercial State bodies in the transport sector formally designated to NewERA, bringing the total number of State bodies designated to NewERA to 18.


Advisory Mandate Activity

the number of Portfolio Company assignments on which NewERA provided financial analysis and, where appropriate, recommendations to Government Ministers (2019: 138).


Advice – Capital Expenditure, Debt Financing & Other Items

€7.8bn of advisory assignments in relation to the Portfolio Companies, including €3.1bn of capital budgets and investments by the Portfolio Companies, €4.0bn of debt financing to fund their operations and capital investments and €0.7bn of other assignments such as joint ventures, acquisitions, disposals etc.


State Claims Agency

Acting as the State Claims Agency (SCA), the NTMA manages personal injury and third-party property damage claims against the State and State authorities and provides related risk management services. It also manages claims for legal costs against the State and State authorities, however so incurred.



Estimated Outstanding Liability

the State Claims Agency was managing 12,175 active claims with an estimated outstanding liability of €4.03bn at end-2020.


Settling Claims

over half of cases resolved by the State Claims Agency in 2020 were resolved without court proceedings being served.


Reducing Legal Costs

the State Claims Agency settled 1,006 bills of costs received from third parties for €68.6m – a reduction of 41% on the amount claimed.





Chairperson’s Statement Download (PDF 932KB)
Chief Executive’s Review Download (PDF 923KB)


Funding and Debt Management Download (PDF 922KB)
Ireland Strategic Investment Fund Download (PDF 1.1MB)
National Development Finance Agency Download (PDF 1.7MB)
State Claims Agency Download (PDF 758KB)

Governance and Corporate Information

Agency Members Download (PDF 1.2MB)
Governance Statement and Agency Members’ Report Download (PDF 540KB)
Committee Reports Download (PDF 501KB)
Risk Management Download (PDF 492KB)
Management Team Download (PDF 667KB)
NTMA Culture and Values Download (PDF 576KB)
NTMA Climate Action and Sustainability Download (PDF 463KB)

Financial Statements

Financial Statements Download (PDF 1.1MB)

Portfolio of Investments – ISIF

Portfolio of Investments - ISIF Download (PDF 735KB)