Windsor Framework & Northern Ireland Protocol Overview

Low supply expected in coming years Redemptions are modest compared to rest of Europe Current borrowing requirements suggest NTMA issuance will Ireland's refinancing risk is low - only a third of debt is set to be similar to last two years (€bns) mature in the next five years 20 18 16 14 12 10 8 420 Percent 40 70 60 50 262 30 20 10 0₁ Average Issuance 2017-21 2022 Issuance 2023 Issuance 2024 Redemptions Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency IT EFSF ESM DE AT FR ES BE I Refinancing Risk 5Y Refinancing rate defined as debt maturing within five years divided by total debt outstanding. * EU data is EU as an issuer EU* PT Source: ESDM 36

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