This is an important period in the NTMA’s continued evolution.

2023 saw the Agency being entrusted by the Government with additional mandates – to establish and manage the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.

Subsequent to year end, the Minister for Finance also announced that he has tasked the Agency with setting up a new Resolution Unit to manage any remaining assets and activities relating to the National Asset Management Agency (NAMA) after that agency is wound down at the end of 2025.

These new responsibilities reflect the NTMA’s ability to offer the State an established, trusted and effective platform for planning and executing major and complex work programmes.

This platform has allowed the Agency to grow significantly since its inception in 1990. As an organisation it has evolved from a single-function entity, with responsibility for managing the State’s funding and debt management requirements, to the much larger and broader entity, covering a wide range of public assets and liabilities, that it is today.

We will take the same rigorous, professional and diligent approach to our latest set of mandates as we have in the past to mandates such as the Ireland Strategic Investment Fund (ISIF), the State Claims Agency (SCA), NewERA and the National Development Finance Agency (NDFA), as well as our responsibilities towards our affiliate organisations NAMA, the Strategic Banking Corporation of Ireland (SBCI) and Home Building Finance Ireland (HBFI).

We can say this with confidence because my colleagues throughout the NTMA know the value of offering flexibility, reliability and organisational readiness to serve the State. Because they embrace change and thrive on it. And because they innovate and actively seek out new and better ways of doing things, for the benefit of the State, our society, our economy and the communities we are a part of.

As Chief Executive, it is my privilege to witness the dedication, the enthusiasm and the high standards that our people bring to their roles every day and I thank them for this.

Reflecting on 2023, these qualities were a consistent feature underpinning the Agency’s performance across each of its units during the year.

Despite being a year in which higher costs, higher interest rates and market volatility acted as significant economic headwinds, Ireland’s economy continued to demonstrate great resilience and the Exchequer fiscal position remained strong.

This in turn had a positive impact on investor sentiment towards Irish sovereign debt and facilitated our Funding and Debt Management unit in meeting the State’s financing needs.