Annual Report 2022

Delivering Long-Term Sustainable Value


Chairperson’s Statement

We place a high value on the culture that exists within the Agency and the values that we aspire to.

Susan Webb

Chairperson | May 2023

I was appointed Chairperson of the NTMA by the Minister for Finance in December 2022, succeeding Maeve Carton. Maeve was an outstanding Chairperson who brought immense expertise and insights into her role throughout her four-year term. On behalf of my Board colleagues I thank her for her leadership and wish her every success in the future.

As we are all aware, 2022 was a year of significant challenge, both in Ireland and globally. The hope that was so prevalent in the opening months of the year, as the effects of the pandemic began to recede, was overshadowed by the dreadful and tragic events in Ukraine.

In his statement, the Chief Executive, Frank O’Connor outlines the severe humanitarian and economic consequences of the Russian invasion. I would like to acknowledge the commitment and adaptability of the NTMA’s people yet again, as the Agency dealt with the challenges that came with this and the related global financial uncertainties and market volatilities.

We place a high value on the culture that exists within the Agency and the values that we aspire to. As an employer, we must ensure that we can attract and retain the right people with the right blend of skills, expertise, creativity and persistence to achieve what the Agency has been mandated to achieve. In addition, we recognise the importance of harnessing the talent at our disposal and recognising and valuing the diversity in our organisation and making everyone feel included.

We look to be a flexible, supportive and reliable employer - taking the challenge of remote working during the pandemic and evolving it into a flexible hybrid working model - by carefully listening to what people have to say, so that we can identify changes to make the organisation work even more effectively. Our employee engagement process, based around an annual survey and frequent and ongoing engagement initiatives, shows how serious we are about listening, about innovating and about changing for everyone’s benefit. While we recognise that measuring the true level of workplace inclusion can be challenging, it is pleasing to see that in our most recent employee survey, our people reported high levels of belonging, fairness and trust.


Chief Executive’s Review

Reflecting on 2022, it is clear that the Irish economy demonstrated great resilience despite adverse economic conditions.

It was my great honour to be appointed Chief Executive of the NTMA with effect from July 1st 2022.

At the outset I want to thank and acknowledge the extraordinary commitment to high standards and the professionalism and dedication that I see demonstrated every day by my colleagues throughout the organisation.

The NTMA has been entrusted with a wide and complex range of mandates and I take great pride from the diligence, skill and care that they apply so consistently to carrying out the Agency’s work.

I also want to pay tribute to my predecessor, Conor O’Kelly, for his leadership of the organisation during a period of great challenge for our society and our economy.

Reflecting on 2022, it is clear that the Irish economy demonstrated great resilience despite adverse economic conditions.

The year will undoubtedly be defined by historians for the Russian invasion of Ukraine, an event which has caused immense suffering and loss of life and which continues to do so. Quite apart from the humanitarian catastrophe, however, the invasion has had severe consequences for the global economy and, by extension, the Irish economy.

These consequences are being felt in households and businesses throughout Ireland, which are now grappling with higher costs, reduced disposable income and wider financial pressures. We have seen increases in market volatility, with higher interest rates and sharp fluctuations in commodity prices and equities.


Frank O’Connor

Chief Executive | May 2023

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.

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Long-Term Funding

€7.1bn of benchmark bond issuance at a weighted average yield of 1.10% and a weighted average maturity of 14.8 years. A further €0.2bn was raised from two private placements with maturities of 60 and 100 years.


New 10-Year Bond Issued
Via Syndication

of the €7.3bn long-term funding was raised from the sale of a new 10-year bond in a syndicated transaction in January.


Reduction in Debt

General Government Debt declined by €11bn to €225bn at end-2022. This was the first decline since 2019 and the largest since 2014.

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.

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Investment Performance

accumulated returns since inception by end-2022, 2.9% per annum since inception.


Investing in Ireland

the total commitment to Ireland including co-investment by private sector partners. ISIF commitments of €6.5bn across 188 investments have unlocked €10.2bn of co-investment commitments since inception.

39,686 jobs

Economic Impact

the total number of jobs supported by ISIF investments in FY 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.

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Delivering Projects

delivery of primarily social housing and education Public Private Partnership (PPP) and non-PPP infrastructure projects with an estimated capital value of c. €2bn.


Providing Financial Advice

providing financial advice on PPP (procurement, construction and operations) and other infrastructure projects in different sectors including health, transport, climate action, education and housing with an estimated capital value of c. €6bn.


Social Housing PPPs

procurement process commenced for Social Housing PPP Bundle 3, which is expected to deliver c. 480 homes across six sites in Dublin, Kildare, Sligo and Wicklow.


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 sector companies.

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Commercial State Sector Companies

the number of commercial State sector companies 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 (2021: 163).


Advice – Capital Expenditure, Debt Financing & Other Items

of advisory assignments in relation to the Portfolio Companies, including €4.6bn of capital budgets and investments, €2.7bn of debt financing to fund operations and capital investments and €0.3bn of other assignments such as joint ventures and disposals.

State Claims

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.

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Estimated Outstanding Liability

the State Claims Agency was managing 11,204 active claims with an estimated outstanding liability of €4.96bn at end-2022.


Settling Claims

of claims resolved by the State Claims Agency in 2022 were resolved without court proceedings being served.


Reducing Legal Costs

the State Claims Agency settled 1,225 bills of costs received from third parties for €97.9m – a reduction of 41% on the amount claimed.


NTMA Annual Report &
Financial Statements 2022


Chairperson’s Statement Download
Chief Executive’s Review Download


Funding and Debt Management Download
Ireland Strategic Investment Fund Download
National Development Finance Agency Download
NewERA Download
State Claims Agency Download

Governance and Corporate

Agency Members Download
Governance Statement and Agency
Members’ Report
Committee Reports Download
Risk Management Download
Executive Management Team Download
Inclusion, Diversity and Belonging Download
Climate Action and Sustainability Download

Financial Statements

Financial Statements Download

Portfolio of Investments – ISIF

Portfolio of Investments - ISIF Download