Irish government debt falls the most in eight years - NTMA

NTMA chief executive Frank O’Connor at the publication of the agency's mid-year business update and its 2022 annual report with Michelle Lowe, deputy head of public affairs and communications. Photograph: Dara Mac Dónaill said on Wednesday that Irish general government debt declined by €11 billion last year to €225 billion, and that it has potential to fall below €200 billion by the end of the decade.

The decline last year was the first since 2019 and the largest since 2014, a year after the State exited an international bailout, NTMA chief executive Frank O’Connor said at the launch of the agency’s annual report for 2022. “Our pre-funding strategy means that we have over €25 billion in cash and liquid assets at the half year point, which reduces the requirement for borrowing at higher rates in the coming years,” the NTMA said.

The NTMA said on Monday that it will hold only one more bond auction in 2023, signalling that it will finish off at the lower end of its fundraising target range as the Government’s projected budget surplus has improved since late last year.

Source: Loan Digest (loandigest.net)

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