NTMA to cut back on its borrowings by €3bn

The NTMA will reduce the amount of cash balances it will hold and will look to raise a total of €8bn to €10bn by the end of 2015, according to its chief executive John Corrigan.

The agency built up 12-month to 15 month cash balances as it exited the EU-IMF bailout programme last December, in case the country experienced any funding difficulties.

However, over the past six months, Ireland’s borrowing costs have tumbled to record lows and access to the markets has become much more seamless. Mr Corrigan said the NTMA would now look to lower cash balances to roughly nine to 12-months of future funding needs, which would result in roughly a €3bn lower borrowing requirement.