Irish Sovereign Green Bonds Update

Fiscal policy response to Covid has been swift Large deficit expected in 2021 similar to 2020 Response Revenues Total fiscal response of €38bn over 2020 and 2021 (19% of GNI*) is large Ireland has responded to Covid with first attempt at counter- cyclical fiscal policy in its 100 year history Ireland's economic structure has meant revenues have held up despite Covid-19 Strength of both Corporate and Income tax revenues from multinational sectors has helped sustain government coffers Debt Debt ratios have reversed due to Covid Gross Government debt 57% of GDP at end-2019 but close to 95% of GNI*. Ratios were c.60% and 106% for end-2020 Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency 23

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