National Treasury Management Agency statement on debt issuance over the remainder of 2022
Wednesday 28 September 2022
The National Treasury Management Agency (NTMA)
today announces it has completed a review of its planned issuance programme for
the remainder of 2022.
The review has concluded that the strength of
the Exchequer’s cash position, coupled with the surplus for the year projected
in yesterday’s Budget, eliminates any requirement for the Agency to issue
additional long-term bonds before the end of this year.
This means there will be no auctions of bonds
or Treasury bills in Quarter 4, 2022.
The NTMA will resume long-term borrowing
activity in early 2023. As in previous years, it will announce its 2023 bond
funding range in December.
Frank O’Connor, NTMA Chief Executive, said:
“This decision reflects our strong funding
position, as we prepare to enter 2023 with cash balances of €20 billion.
The Exchequer position has been
strengthened further by yesterday’s Budget 2023 announcement showing a surplus
for this year versus the forecast deficit of €7.7 billion in Budget 2022.
We have now completed our 2022 funding
programme having issued €7 billion in long-term bonds, which is below the €10
billion to €14 billion range we announced last December.
We continue to have significant flexibility
in meeting Ireland’s future borrowing requirements and will resume long-term
debt issuance from a position of considerable strength in early 2023.”