Investor Presentaiton
Funding needs and sources
Borrowing requirement lower in 2021 means extra cash into 2022
No bonds mature in 2021. The next bond redemption is
not until March 2022.
€25
Change in Cash
3.7
Other: 4.0
€20
▸ The Exchequer Borrowing Requirement (EBR) for 2021 is
set to be lower than expected. In October's budget
forecasted EBR was €12.1bn. It will likely be lower than
that. Thus, NTMA will enter 2022 with a large cash balance
in excess of €20bn.
€15
€10
In 2021, NTMA has received monies from the EU SURE
scheme. It is a diversified source of funding (c. €2.5bn).
Source: NTMA
Notes:
Rounding may affect totals
2.
3.
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
4.
5.
Other: 4.4
UK Bilateral: 0.5
Net Short-term
paper 4.4
EBR: 12.1
€5
€-
Funding Requirements (€bn)
Sure: 2.5
Bond issuance:
18.5
Sources of Funding (€bn)
1. The NTMA bond funding range for 2021 was €18-€20bn. While €18.5bn nominal was issued.
Other funding needs includes provision for the potential bond/FRN purchases and general contingencies.
Other funding sources includes retail (State Savings) and private placements and cash proceeds from issuance.
SURE refers to the European instrument for temporary Support to mitigate Unemployment Risks in an Emergency.
EBR is the Department of Finance's Budget 2022 (Oct 2021) estimate of the Exchequer Borrowing Requirement
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