NTMA completes cancellation of the remaining Floating Rate Bonds issued in 2013 in connection with the Irish Bank Resolution Corporation Act

7 September 2023 – The National Treasury Management Agency (NTMA) announces the cancellation of the final €534 million of the Irish Floating Rate Treasury Bond which was due to mature on 18 June 2053.

It was purchased from the Central Bank of Ireland today and subsequently cancelled. This bond was issued in 2013 in connection with the Irish Bank Resolution Corporation Act.

Today’s transaction means that all eight of the €25.034 billion Floating Rate Bonds issued in 2013 have now been fully purchased and cancelled.

Frank O’Connor, NTMA Chief Executive, said:

“Today’s transaction marks a milestone for Ireland as it completes the cancellation of all Floating Rate Bonds that were issued in connection with the liquidation of the Irish Bank Resolution Corporation.

In 2013, the exchange of the Promissory Notes for Floating Rate Bonds, allowed Ireland space to deal with its schedule of debt maturities, at a time when we were coming out of the EU-IMF programme and re-entering the debt markets.

In turn, this allowed the NTMA to replace the Floating Rate Bonds with fixed rate Irish Government bonds, issued to investors, borrowed at historically low interest rates.”

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