Irish Sovereign Green Bonds Update

-15% -20% 1995 -10% 1997 1999 -5% 2001 0% 2003 5% 2005 2007 GG Balance (% GNI*) 10% After Covid-19 stimulus, Ireland plans to narrow its deficit again Gen. Govt. Balance (% of GNI*) will be in significant deficit in 2020/21^ Revenues holding up despite pandemic; Deficit mostly due to expenditure increase 2009 2011 2013 25% 20% 15% 10% 5% 0% -5% -10% 2020 GGB % of GDP -5% -15% GGB % of GNI* -9% -20% 2015 2017 2019 2021f 2023f 2025f Primary Balance (% GNI*) Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO; Department of Finance ^ Underlying GG and primary balance numbers used (excludes banking recapitalisations) 2020 vs 2019 Income tax VAT Excise duties I Corporation tax GG Revenue IGG Expenditure 26

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