Investor Presentaiton
Funding needs and sources for 2023
Lower borrowing amid expected EBR surplus
▸ There was one bond redemption in 2023 (€7.0bn in
March). There is also a EFSM repayment due this year.
Lastly, further buybacks of FRNs from the Central Bank of
Ireland are expected (included in other funding
requirements).
2023 funding range is indicated as between €7bn to €11bn.
The Exchequer Borrowing Requirement (EBR) for 2023 is
expected to be a surplus (hence shown as funding source).
▸ The NTMA is likely to continue to hold significant cash
throughout 2023. The balance at year-end 2022 was c.
€23bn.
€bn
16
14
Increase in cash, 0.9
Other, 2.1
12
Other, 4.7
10
EBR, 4.5
EFSM, 2.0
6
4
2
Bond
Redemptions,
7.0
Bond
Issuance,
8.0
Funding Requirements
Rounding may affect totals
1.
On 1 December 2022, the NTMA announced a 2023 bond funding range of €7-€11bn. €8bn is the estimated cash
proceeds from nominal issuance of €9bn - the mid-point of the range.
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
2.
National Treasury Management Agency
3.
Other funding needs includes provision for the potential bond/FRN purchases and general contingencies.
EBR is the Department of Finance's SPU 2023 estimate of the Exchequer Borrowing Requirement
Sources of Funding
Source: NTMA
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