A long way from the recession - NTMA chief’s comments

NATIONAL Treasury Management Agency chief executive Conor O’Kelly was refreshingly candid when he appeared before the Dáil’s Public Accounts Committee yesterday.

He told the committee that while the NTMA had completed the early repayment of just over €18bn of Ireland’s IMF loan facility using cheaper market funding, generating savings of €1.5bn over the original lifetime of the loan, we remain indebted to the tune of more than €200bn.

However, the most revealing comment he made was the extent to which the nation’s finances have improved over the past three years. He said that in 2013 Ireland had difficulty borrowing for 100 days but now we borrow for 100 years.