At a Glance
The NTMA is a State body which provides asset and liability management services to Government. Its purpose is to manage public assets and liabilities commercially and prudently. The NTMA operates across five separate business units: Funding and Debt Management, the Ireland Strategic Investment Fund, the National Development Finance Agency, NewERA and the State Claims Agency.
The NTMA is responsible for borrowing on behalf of the Government and managing the National Debt in order to ensure adequate liquidity for the Exchequer and to optimise debt service costs over the medium term.
BOND ISSUANCE
€17bn
total bond issuance during 2017. Of this, €16.2bn was in benchmark bonds with the balance in private placements. The benchmark bonds were issued at a weighted average yield of 0.89% and a weighted average maturity of 12.4 years.
IRELAND’S FIRST SOVEREIGN INFLATION-LINKED BOND
€610m
sold by private placement, maturing in 2040.
FALLING DEBT SERVICE COSTS
€6.1bn
interest paid on National Debt compared with €6.7bn in 2016 – a decline of almost 10%.
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The NTMA controls and manages the Ireland Strategic Investment Fund (ISIF) which has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State.
INVESTING IN IRELAND
€667m
committed during 2017, bringing the total ISIF commitment to €3.3bn.
CO-INVESTMENT
€9.1bn
the total committed to Ireland including co-investment by private sector partners – a multiple of 2.7 times the ISIF commitment.
INVESTMENT RETURN AND ECONOMIC IMPACT
4.3%
investment return in 2017, with ISIF capital supporting over 1,800 Irish companies/projects and, directly and indirectly, over 30,000 jobs.
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Acting as the National Development Finance Agency (NDFA), the NTMA provides financial advisory, procurement and project delivery services to State authorities on public infrastructure projects.
PPP PROGRAMME
€1.5bn
the estimated total capital value of a range of education, health, justice and housing PPP projects being delivered by the NDFA.
SOCIAL HOUSING PPP
534
housing units to be delivered in Social Housing PPP Bundle 1, tendered in 2017.
REFINANCING
€8m
in savings to the State from the successful refinancing of the Dublin Waste to Energy PPP project at Poolbeg.
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Through NewERA, the NTMA provides a dedicated centre of corporate finance expertise to Government, providing financial advice to Ministers regarding their shareholdings in major commercial State bodies.
DIVIDENDS
€232m
in combined dividends were received by the Exchequer from bodies within the NewERA Portfolio in 2016/17.
ADVICE – DEBT FINANCING
€1.9bn
the value of debt financing-related requests from bodies within the NewERA Portfolio on which it provided financial analysis and recommendations in 2017.
ADVICE – CAPITAL EXPENDITURE
€2.1bn
the value of capital expenditure requests from bodies within the NewERA Portfolio on which it provided financial analysis and recommendations in 2017.
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Acting as the State Claims Agency (SCA), the NTMA manages claims brought against 146 State authorities, including the State itself. It also provides risk management services, advising and assisting State authorities in minimising their claims exposures.
ESTIMATED OUTSTANDING LIABILITY
€2.7bn
from over 9,900 active claims being managed at end-2017.
MANAGING CLAIMS
€303m
the cost of resolving and managing ongoing active claims in 2017 – a saving of 23% against the independent actuarial assessment of €391m.
REDUCING LEGAL COSTS
€55.2m
the amount for which bills of costs received from third parties were settled in 2017 – a reduction of 48% on the €106.9m claimed.
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