Dáil Éireann Debate, Tuesday - 16 January 2018
226. Deputy Thomas P. Broughan asked the Minister for Finance the steps already taken by the National Treasury Management Agency to refinance State debt in 2018; the agency's future plans in this regard; and if he will make a statement on the matter. [1255/18]
View answerAs the Deputy may be aware, several steps have already been taken to lower this year’s refinancing requirement.
Through a combination of the original early repayments to the IMF in late 2014 and early 2015, as well as the execution of bilateral bond switches by the NTMA, the 2018 refinancing requirement has been reduced by over €4 billion.
There are €3.9 billion of loans from the European Financial Stabilisation Mechanism (EFSM) with contractual maturity dates in 2018, the first of which is in April. However, owing to the maturity extensions granted in 2013, the EFSM will refinance these loans. The NTMA is currently in discussions with the European Commission regarding the modalities of the refinancing of the 2018 maturing loans.
The NTMA continues to pre-fund and to build up cash and liquid asset balances. These stood at €10.5 billion at end-2017. On 3 January, the NTMA issued a new 10-year bond which raised €4 billion in new funding for the Exchequer.
The Exchequer is well positioned to meet the €8.8 billion bond redemption in October 2018.
