Business Areas

The NTMA manages a range of public assets and liabilities. These include:

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. The NTMA’s Funding and Debt Management Unit issues medium-long and short-term debt on a regular and sustainable basis with a particular focus on investor sentiment and market liquidity. The goal is to raise sufficient funds to ensure liquidity for the State and at a rate which minimises the debt interest cost while contributing to debt sustainability. Read More

Ireland Strategic Investment Fund

The NTMA controls and manages the Ireland Strategic Investment Fund (ISIF) which was established on 22 December 2014 with a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State. The ISIF's predecessor was the National Pensions Reserve Fund. The Fund is a strategic investor with strong connections in both the public and private sectors. The Fund is uniquely positioned to make connections and drive innovation across multiple industry players developing and delivering innovative opportunities that might otherwise go unrealised. Read More

National Development Finance Agency

Acting as the National Development Finance Agency, the NTMA provides financial advice to State authorities in respect of those public investment projects which are referred to it, with a capital value over €75m. The NDFA may also provide financial advice to State Authorities on certain projects below this threshold. It also procures and delivers Public Private Partnership (PPP) projects as requested by State authorities (with certain exceptions such as Transport Infrastructure Ireland) and directly procures certain Exchequer-funded projects on behalf of the Department of Education and Skills. Read More


The purpose of NewERA is to provide a dedicated centre of corporate finance expertise to Government taking a commercial approach to the oversight of certain State companies. This includes advising on the governance of the State companies and their respective financial and commercial operation, including the expected rate of return on capital and appropriate dividend policy. In addition, NewERA may, in consultation with the relevant Minister, develop proposals for investment in the energy, water, telecommunications and forestry sectors to support economic activity and employment. Read More

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. The SCA is obliged by statute to manage delegated claims and counterclaims in such manner as to ensure that the liability of the State authorities is contained at the lowest achievable level. Read More

The NTMA also provides staff and business support services to:

National Asset Management Agency

The National Asset Management Agency (NAMA) was formally established in December 2009 as one of a number of initiatives taken by the Government to address the serious crisis in Irish banking which had developed as a result of excessive lending to the property sector, particularly during the years 2003 to 2007. Read More

Strategic Banking Corporation of Ireland

The Strategic Banking Corporation of Ireland (SBCI) was set up in September 2014 to ensure that SMEs in Ireland have access to stable, lower cost, long-term funding options. As a state-owned promotional institution, and in common with its more established European peers, the SBCI has become an integral part of the business finance framework. Read More

Home Building Finance Ireland

HBFI is a private company formed under the Companies Act 2014 and the Home Building Finance Ireland Act 2018. HBFI is wholly owned by the Minister for Finance and has been established for the purpose of funding the construction of new homes in Ireland. It is a commercial entity, providing finance at market rates for commercially viable residential developments. Read More