NTMA may need to raise over €25bn

THE National Treasury Management Agency (NTMA) may have to raise more than its targeted €25 billion this year to fund Government spending, as tax revenues fall and more money is required to fund burgeoning government borrowing.

The Government’s tax take is falling behind estimates. Last week’s Exchequer returns for July showed a shortfall in tax revenue of €575 million compared to official expectations.

NCB economist Brian Devine believes the Government will miss its budget deficit target of €20.4bn by as much as €1bn.