Maeve Carton


Maeve Carton


Chairperson’s Statement

One of the Agency’s greatest strengths is the resilience, flexibility and adaptability of the organisation and its people.

Our society has seen marvellous progress in combating the worst effects of the COVID-19 pandemic and beginning the journey towards a resumption of our normal, everyday lives without the losses, fears and restrictions that were hallmarks of the past two years. The Chief Executive describes in his report how the NTMA responded to these developments in 2021. This strong response to the pandemic has been overshadowed to date in 2022 by the dreadful human suffering and loss of life as a result of the invasion of Ukraine. As we look with horror at the events unfolding there, we are very conscious that there are and will be significant economic consequences but that, above all else, this is a grave humanitarian crisis.

Uncertainty, and the potential for disruption, are an unwelcome, but ever-present, part of our lives. In my time as Chairperson of the NTMA, it has become clear to me that one of the Agency’s greatest strengths is the resilience, flexibility and adaptability of the organisation and its people.

These qualities are valuable at the best of times, but their value is especially evident in the difficult times that we have collectively gone through in recent years.

Despite the immense challenges that have arisen from the pandemic and from the geopolitical shock that has accompanied the war in Ukraine, and the knowledge that there are many other risks and uncertainties that are capable of disrupting our lives, our society and our economy, I have great confidence in the Agency’s ongoing ability to deal with these challenges and to continue carrying out its wide range of mandates on behalf of the State to the rigorously high standards that are expected of us.

In the 2020 Annual Report I paid tribute to the professionalism and dedication shown by people throughout the Agency as we worked together, often embracing new and unfamiliar ways of working, to ensure that the NTMA could continue to perform all the duties that have been entrusted to us.


Conor O’Kelly

Chief Executive

Conor O’Kelly

Chief Executive

Chief Executive’s Review

Providing a major stimulus to the economy in response to a significant shock.

We enter the post-pandemic phase with Ireland having increased its debt by over €30bn to fund the Government’s speedy and effective response to support the economy and its citizens.

This was an unprecedented intervention, providing a major stimulus to the economy in response to a significant shock.

It is made possible by the ECB expanding its bond buying programme effectively to purchase sovereign bonds one-for-one, keeping interest rates low and thus limiting the long term burden of this increased debt. This extended and extraordinary period of accommodative ECB policy and low interest rates has allowed the NTMA to support Government policy and restructure and re-profile Ireland’s debt.

We have used these unique circumstances to smoothen out the maturity profile and extend the debt such that we now have one of the longest average maturities in Europe. We have pre-funded future maturities to take advantage of these low rates and as a result we hold over €25bn in cash today. This is effectively insurance against future rate rises which means the impact of rising rates in the market will not be felt in Ireland until the latter half of the decade. Indeed, last year the interest bill fell to €3.3bn which was 14% below the previous year despite the higher levels of borrowing. The 2021 interest bill is almost 60% below its peak in 2013 and interestingly is less than twice what it was in the mid-1980’s whereas revenue today is 10 times what it was then.


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 Funding

€19.3bn of benchmark bond issuance at a weighted average yield of 0.18% and a weighted average maturity of 14.4 years. €0.9bn in eight private placements with maturities ranging from 65 years to 100 years and a €0.1bn 30-year inflation linked bond. A €2.5bn EU SURE Programme loan and €0.2bn EIB loan added diversification to the portfolio.


Two New Bonds Issued via Syndication

out of the €23bn long-term funding was raised from the sale of new 10 and 20-year bonds.


Falling Interest Bill

General Government interest costs dropped to €3.3bn in 2021, a level last seen in 2009 and almost 60% below the 2013 peak. They were down €0.5bn or 14% on 2020.


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 2021, representing an investment return of +10.7% in the year. Just under €2.7bn accumulated returns since inception by end-2021, +4.5% per annum since inception.


Investing in Ireland

the total commitment to Ireland including co-investment by private sector partners. ISIF commitments of €5.6bn across 166 investments have unlocked €9.4bn of co-investment commitments since inception.


Supporting COVID-Affected Businesses

Pandemic Stabilisation and Recovery Fund (PSRF) was established to invest in medium and large-scale businesses in Ireland impacted by COVID-19. Since the start of the pandemic, ISIF has committed over €1bn including €670m across 25 investments in 2021.


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 social housing and education Public Private Partnership (PPP) and non-PPP infrastructure projects with an estimated capital value of €1.6bn.


Providing Financial Advice

providing financial advice on PPP (procurement, construction and operations) and other infrastructure projects in different sectors including education, housing, transport, health and climate action with an estimated capital value of €6.5bn.


Social Housing PPPs

completion of construction on two social housing PPP bundles in 2021 delivering nearly 1,000 social homes in 14 sites across nine counties.



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



Commercial State Bodies

the number of commercial State bodies within the scope of NewERA’s advisory mandate, including 18 designated bodies.


Advisory Mandate Activity

the number of Portfolio Company assignments on which NewERA provided financial analysis and, where appropriate, recommendations to Government Ministers (2020: 144).


Advice – Capital Expenditure, Debt Financing & Other Items

of advisory assignments in relation to the Portfolio Companies, including €3.5bn of capital budgets and investments by the Portfolio Companies, €2.7bn of debt financing to fund their operations and capital investments and €0.6bn of other assignments such as joint ventures, acquisitions and disposals.


State Claims Agency

The NTMA is known as the State Claims Agency (SCA) when managing personal injury and third-party property damage claims against the State and State authorities, as delegated to it, and in providing related risk management services. As the SCA, the NTMA also manages claims for legal costs against the State and State authorities, as delegated to it, however such costs are incurred.



Settling Claims

of claims resolved by the State Claims Agency in 2021 were resolved without court proceedings being served.


Reducing Legal Costs

the State Claims Agency settled 1,040 bills of costs received from third parties for €60.5m – a reduction of 40% on the amount claimed.


Estimated Outstanding Liability

the State Claims Agency was managing 11,408 active claims with an estimated outstanding liability of €4.53bn at end-2021.





Chairperson’s Statement Download (PDF 658KB)
Chief Executive’s Review Download (PDF 629KB)


Funding and Debt Management Download (PDF 788KB)
Ireland Strategic Investment Fund Download (PDF 914KB)
National Development Finance Agency Download (PDF 1,828KB)
State Claims Agency Download (PDF 743KB)

Governance and Corporate Information

Agency Members Download (PDF 813KB)
Governance Statement and Agency
Members’ Report
Download (PDF 615KB)
Committee Reports Download (PDF 603KB)
Risk Management Download (PDF 585KB)
Management Team Download (PDF 748KB)
Inclusion and Diversity Download (PDF 656KB)
Sustainability and Climate Action Download (PDF 579KB)

Financial Statements

Financial Statements Download (PDF 1,245KB)

Portfolio of Investments – ISIF

Portfolio of Investments - ISIF Download (PDF 745KB)