National Treasury Management Agency statement on debt issuance over the remainder of 2022

Wednesday 28 September 2022

The National Treasury Management Agency (NTMA) today announces it has completed a review of its planned issuance programme for the remainder of 2022.

The review has concluded that the strength of the Exchequer’s cash position, coupled with the surplus for the year projected in yesterday’s Budget, eliminates any requirement for the Agency to issue additional long-term bonds before the end of this year.

This means there will be no auctions of bonds or Treasury bills in Quarter 4, 2022.

The NTMA will resume long-term borrowing activity in early 2023. As in previous years, it will announce its 2023 bond funding range in December.

Frank O’Connor, NTMA Chief Executive, said:

“This decision reflects our strong funding position, as we prepare to enter 2023 with cash balances of €20 billion.

The Exchequer position has been strengthened further by yesterday’s Budget 2023 announcement showing a surplus for this year versus the forecast deficit of €7.7 billion in Budget 2022.

We have now completed our 2022 funding programme having issued €7 billion in long-term bonds, which is below the €10 billion to €14 billion range we announced last December.

We continue to have significant flexibility in meeting Ireland’s future borrowing requirements and will resume long-term debt issuance from a position of considerable strength in early 2023.”

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