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Exchequer Funding Needs and Sources

NTMA publishes Annual Funding Plan for 2026

Exchequer Funding Needs & Sources 2026

  • This information is also available in tabular format
    • €bn2026 Funding Needs2026 Funding Sources
      Bonds

      11.7

      12.0

      Net Short-Term Paper

      7.0


      EFSM

      2.0


      SURE1.3

      Adjusted Exchequer Deficit

      2.5


      Net Other

      		1.0


      NOTES 2026

      Figures are estimates, as of January 2026. Rounding may affect totals.

      Funding Needs:

      1. Bonds includes amortising bonds.

      2. Net short-term paper outflow primarily reflects an expected reduction in public sector funds' holdings of Exchequer Notes and their investment in other financial assets.

      3. The Department of Finance's adjusted Exchequer deficit estimate for 2026 reflects changes in the timing of strategic capital investment funding which had originally been reflected as Exchequer expenditure in 2025 (in the Budget 2026 fiscal forecasts).

      Funding Sources:

      1. €12bn is reflected for bonds as it is the mid-point of the €10bn to €14bn bond funding range for 2026 announced in December 2025.

    • Exchequer Funding Needs & Sources 2025

  • This information is also available in tabular format
    • €bn2025 Funding Needs2025 Funding Sources
      Bonds

      11.5

      8.2

      EFSM

      2.4


      Net Short-Term Paper


      5.2

      Exchequer Surplus


      7.1

      Net Other

      2.0


      NOTES 2025

      Provisional outturn figures; rounding may affect totals.

      Funding Needs:

      1. Bonds includes amortising bonds.

      2. The Net Other category primarily consists of Exchequer lending to the Housing Finance Agency and State Savings outflows.

      Funding Sources:

      1. Bonds figure reflects the cash proceeds from bond syndications and auctions, including non-competitive auctions.