Windsor Framework & Northern Ireland Protocol Overview
Funding needs and sources for 2024
Modest borrowing amid expected EBR surplus
There is one bond redemption in 2024 (€8.1bn in
March). There is also a EFSM repayment due this year.
▸ The Exchequer Borrowing Requirement (EBR) for 2024
is expected to be a surplus (hence shown as funding
source).
▸ The NTMA held significant cash throughout 2023. The
balance at year-end 2023 was c. €25bn. This will likely
fall through 2024 as transfers to the FIF/ICNF occur.
20
18
16
64
14
Net Other, 1.0
EFSM, 0.8
Net Short-
term paper,
8.0 (incl.
transfers to
FIF/ICNF)
12
10
EBR, 1.8
8
6
4
20
Bond
Redemptions,
8.1
Bond
Issuance,
8.0
Rounding may affect totals
1.
Funding Requirements
Sources of Funding
Source: NTMA
In the funding sources column, €8bn is reflected indicatively for bonds as it is the midpoint of the announced funding
range.
Net STP (short term paper) outflows are primarily related to the expected dissolution of National Reserve Fund and
transfers to the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
2.
National Treasury Management Agency
3.
EBR is the Department of Finance's Budget 2024 estimate of the Exchequer Borrowing Requirement
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