Economic and Investment Outlook

Lower supply expected in coming years Ireland has low redemptions compared to rest of Europe Current borrowing requirements suggest NTMA issuance won't match recent past (€bns) Ireland's refinancing risk is low - only a third of debt is set to mature in the next five years 25 20 20 15 10 5 Average Issuance 2022 Issuance 2023 funding 2024 range (€7- Redemptions 2017-21 11bn) Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Percent 30 20 10 0₁ 26222° 70 60 50 40 EFSF ESM DE T EA IT FR BE EU* PT I Refinancing Risk 5Y Source: ESDM Refinancing rate defined as debt maturing within five years divided by total debt outstanding. * EU data is EU as an issuer 35 35

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