| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Last Updated: Jan 8, 2010 - 7:15:37 AM

National Treasury Management Agency to borrow €20bn in 2010; Irish national debt rises from  €37.6bn in 2007 to €75.2bn in 2009
By Finfacts Team
Jan 7, 2010 - 3:12:11 PM

Email this article
 Printer friendly page

The National Treasury Management Agency (NTMA), the Irish debt management agency which is responsible for the banking rescue agency NAMA, plans to raise €20 billion in the bond market this year. The Irish national debt had risen to €75.2 billion at December 31, 2009 from €37.6 billion in 2007.

Total debt service costs in 2009 of €3.2 billion were €686 million below budget. Approximately half of this difference is explained by the interest rates achieved by the NTMA on 2009 borrowing which were lower than those prevailing at the time the April Emergency Budget was agreed. The balance arises as a result of timing issues related to the cash accounting treatment of the payment of coupons on debt issued in 2009.

Ireland's national debt increased to €75.2 billion in 2009, from €50.7 billion  at the end of 2008 and €37.6 billion in 2007. General Government Debt, used for comparisons in the EU, rose to 41.3 per cent of gross domestic product (GDP) in 2008 from 24.8 percent at the end of 2007.

The NTMA says the General Government Debt/GDP ratio was 64.5 per cent at end 2009. This is well below the euro area average of 78.2 per cent. General Government Debt is a “gross” measure and does not allow for the offsetting of Exchequer cash balances or the assets of National Pensions Reserve Fund against the gross position. On a net basis, Ireland’s debt/GDP ratio was 38 per cent at end 2009.

The NTMA of course does not note that GDP (gross national product), which includes the huge foreign-owned sector, flatters Ireland's figures.

The National Pensions Reserve Fund Discretionary Investment Portfolio (the Fund excluding the preference shares in Bank of Ireland and Allied Irish Banks held on the direction of the Minister for Finance) earned a return of 20.9 per cent in 2009. Since the Fund’s inception in 2001, the Investment Portfolio has delivered an annualised return of 2.6 per cent per annum. Including the bank preference shares and related warrants, which are held at cost and zero respectively, the Fund recorded a return of 11.6 per cent in 2009. At December 31, 2009 the total Fund’s value stood at €22.3 billion.

NTMA Chief Executive John Corrigan commented that the challenges which Ireland faced in the international bond markets coming into 2009 were exceptional in terms of the level of our funding requirement, investor sentiment, competition for available funds and market volatility. However, the strong liquidity position that we built up in 2008 enabled us to time our entry into the markets carefully and to take advantage of more positive investor sentiment towards Ireland as the year progressed.”

Interest payment on the national debt may take up to 25 per cent of tax revenues by 2015.

Annual Review

Related Articles
Related Articles

© Copyright 2007 by Finfacts.com

Top of Page

Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%