Irish Sovereign Green Bonds Update
Various sources of funding will be used to meet Covid-19
borrowing requirements: cash balance and flexibility key
€24
.
No bonds mature in 2021. The last of the UK
bilateral loan matured in Q1 2021.
Other: 1.5
€20
Other: 4.6
Sure: 2.5
•
The Exchequer Borrowing Requirement (EBR) for
2020 was lower than expected at €12.3bn.
UK Bilateral:
0.5
€16
Thus, NTMA entered 2021 with a larger cash
balance of €17.4bn.
€12
NTMA has received monies from the EU SURE
scheme. It is a diversified source of funding in
2021 (c. €2.5bn).
EBR: 16.9
€8
Bond
issuance:
18.3
€4
End year cash balances are currently forecasted at
levels close to end-2020.
€-
Source: NTMA
Funding Requirements (€bn) Sources of Funding (€bn)
Notes:
Rounding may affect totals as some figures have been rounded up to the nearest €bn.
1. The NTMA bond funding range for 2021 is €16-€20bn. While €18bn is reflected as an indicative
estimate in the chart, it also includes cash proceeds from issuance undertaken to end-April.
2. Other funding needs includes provision for the potential bond/FRN purchases and general
contingencies.
Other funding sources includes retail (State Savings), private placements and EIB loan drawdowns.
SURE refers to the European instrument for temporary Support to mitigate Unemployment Risks in an
Emergency.
EBR is the Department of Finance (April SPU) 2021 estimate of the Exchequer Borrowing Requirement
3.
4.
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
5.
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