Irish Sovereign Green Bonds Update

Adjusting for MNC profits, underlying economy was robust pre-Covid: MNCs add real substance to IE economy Ireland's income = wages (all sectors) + domestic sectors profits + tax on MNC profits Pre-Covid, Ireland had a robust underlying economy; compared favourably to EA MNC sectors 250 contributed €17bn CoE in '19 200 150 100 30% 50 MNC Sector Profits, €142bn, 43% Three MNC sectors contributed €5bn in CT in 2019 Comp of Employee, €100bn, Domestic 0 T T 1995 1997 Index, Constant prices, 100 = 2008 1999 2001 2003 2005 2007 T 2009 2011 2013 T 2015 2017 2019 Sector Profits, €90bn, 27% Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency | MNC Sector Profits Domestic Sector Profits I Compensation of Employee Real GVA ex. MNC Sector Profits Real GVA EA19 Source: CSO, NTMA calculations (Nominal 2019 data used in left chart) Ireland's GVA data has been adjusted to strip out the distortionary effects of some of the multinational activity that occurs in Ireland. Specifically a profit proxy is estimated for the sectors in which MNCs dominate (MNC sectors = part of Manufacturing, ICT, and renting and leasing services). 50 50

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