NTMA has €27bn on hand to reduce the need for borrowing

The NTMA said it was continuing to see stability in its debt-servicing costs and although Ireland’s debt is still quite large, it has one of the one of the longest average maturities in Europe at 10 years

NTMA chief executive Frank O'Connor with Finance Minister Jack Chambers. 

The National Treasury Management Agency (NTMA) has said it has €27bn in cash and liquid assets on hand as of the end of June, which has significantly reduced its need to borrow over the coming years.

According to the agency’s mid-year update, despite the country’s high national debt — which is just under €221bn — the average interest rate on that debt is 1.5%, which is expected to stay relatively stable for the next three to four years.