10. Short-Term Paper

The Agency issues short-term paper of maturities of up to one year to raise short-term funds. The proceeds are used to fund the Exchequer deficit and as bridging finance in the replacement of longer term debt, and for other liquidity management purposes. Borrowings may be in a range of currencies, but all non-euro borrowings are immediately swapped into euro using foreign exchange contracts.

2016
€m
2015
€m
Exchequer Notes 1,858 1,197
Central Treasury Notes 167 131
European Commercial Paper Programmes 342 1,019
Irish Treasury Bills 1,008 -
3,375 2,347

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