Investor Presentaiton
Funding needs and sources
Lower borrowing results in cash balance running down
18
16
Other: 5.5
14
▸ There are two bond redemptions in 2022, one of which
occurred in March. They total €11.8bn.
▸ The Exchequer Borrowing Requirement (EBR) for 2021 was
€7.4bn. This was lower than expected in October's Budget
(forecasted EBR of €12.1bn). Thus, the NTMA entered 2022
with a large cash balance of €27.5bn.
▸ In 2022, the EBR for the year has been revised to be a
surplus. This is shown in the chart.
€bn
12
10
8
00
9
Other: 1.9
Reduction
in cash
position:
8.3
Bond
Redemptions
EBR 0.3
11.8
4
▸ The NTMA is likely to continue to hold significant cash into
2023. The balance at year-end will be c. €20bn.
2
Bond
issuance:
6.9
Rounding may affect totals
1.
Funding Requirements
Sources of Funding
Source: NTMA
On 28 September 2022, the NTMA announced there would be no bond issuance in Q4 2022 meaning total nominal
issuance for the year is €7bn; the cash proceeds, including from the non-competitive auctions, are shown in the chart.
Other funding needs includes provision for the potential bond/FRN purchases and general contingencies.
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
2.
3.
Other funding sources mostly comprises of net State Savings (retail) and other medium/long-term borrowing.
4.
EBR is the Department of Finance's Budget 2023 estimate of the Exchequer Borrowing Requirement
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