Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Trader on the floor of the New York Stock Exchange. (AP Photo/Richard Drew

The NTMA will play it safe and look to raise €6-10 billion on bond markets in 2014

The NTMA say that they will not “run out the door” to make a long-term bond sale.

THE STATE WILL look to raise between €6-10 billion on the bond markets next year but will continue its focus on short-term sales the National Treasury Management Agency said yesterday.

The NTMA’s Frank O’Connor said that they have received strong investor feedback but that as yet there is no need to significantly change the current strategy of short-term selling.

“You wouldn’t be trying to run out the door to get a longer term bond,” O’Connor told a press briefing yesterday.

Adding that a clearer announcement would be made in January about the agency’s intentions for 2014.

The NTMA’s approach to date has been in the sale of three month T-Bill sales and although a sale of 10-year bonds has been suggested as a way of demonstrating confidence, the NTMA has given no indication that this is part of their immediate plans.

In a briefing held in Government buildings yesterday, O’Connor said that the €20 billion already raised by the state means that a sale isn’t actually required next year.

GDP growth

In an announcement made during the same briefing yesterday, the Department of Finance say they are sticking by their projections for next year and are expecting to achieve GDP growth of 2 per cent next year.

The Department say that growth figures is being maintained despite the European Commission projecting growth at a level of 1.7 per cent. Chief economist John McCarthy backed their figures:

The 2 per cent projection for next year is independently endorsed by IFAC, they say its within the endorsable range, that’s the quote that they used.

“Yes over the past two or three years our forecasts have been about a quarter of a per cent higher than the Troika but we stand over our forecast, our track record is reasonably good,” he added

Debt figure

The department  also say they are “very confident” at this stage that the budget for next will not have to be changed in the case of growth being less than expected.

The department say that next year is the first time the Government are targeting a debt ratio that is well within the required range so there is “wiggle room” in the figures if needed.

Read: ‘Moody’s rating of Ireland is side-lining Asian investors’ – NTMA >

Read: Government budget advisors: No room for tax cuts until after 2016 >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
14 Comments
    Install the app to use these features.
    Mute Were Jammin
    Favourite Were Jammin
    Report
    Sep 3rd 2014, 5:07 PM

    So they’re looking at quantative easing, which was absolutely out of the question to give the gullible Irlanders a dig out for saving their currency and banks, but as soon as Germanys economy slows down it full staem ahead with the QE quicker than you can say ‘I have sauerkraut in my lederhosen’.

    Do I have to mention the ‘seismic shift’? If it can’t be secured now, it was a lie all along.

    134
    Install the app to use these features.
    Mute George Grey
    Favourite George Grey
    Report
    Sep 3rd 2014, 5:34 PM

    Unemployment still way too high, property bubble on the horizon, thousands of mortgage arrears still not being dealt with, water charges on the way to compliment all the other extra taxes introduced over the last few years, banks still restricting credit and the national debt is as high as it ever was. “Sure we’ll be grand”.

    96
    Install the app to use these features.
    Mute Simon Barnes
    Favourite Simon Barnes
    Report
    Sep 3rd 2014, 5:50 PM

    And you forgot the interest rates that will have to go up at some point. That’s going to be the real killer for Ireland

    54
    See 4 more replies ▾
    Install the app to use these features.
    Mute Niall H
    Favourite Niall H
    Report
    Sep 3rd 2014, 5:53 PM

    2008 was nothing. It was caused by banking debt. Now we enter a period where sh!t is about to hit the fan with SOVEREIGN debt.
    When banks crash, some people lose their jobs.
    When countries crash, everybody loses their life savings along with their jobs.

    43
    Install the app to use these features.
    Mute L Connors
    Favourite L Connors
    Report
    Sep 3rd 2014, 5:58 PM

    Quantative easing devalues savings so it’s not in the interest of Germany, a country of savers. I’m sure Germany will continue to resist it – as they should as it makes us all poorer.

    29
    Install the app to use these features.
    Mute Robin Tobin
    Favourite Robin Tobin
    Report
    Sep 3rd 2014, 6:15 PM

    George what property bubble , that is government spin, europe is an asylum doctored by Germany because the EC bank is there.

    19
    Install the app to use these features.
    Mute seamus mcdermott
    Favourite seamus mcdermott
    Report
    Sep 4th 2014, 9:31 AM

    She lifted her skirt and we were amazed to see that she was a “he”. ;-)

    1
    Install the app to use these features.
    Mute bigmac
    Favourite bigmac
    Report
    Sep 3rd 2014, 5:25 PM

    The same story is being spun here in Spain. The economy is on the up but with nearly 6 million unemployed it is not having any effect. In august alone the nearly 300,000 people have had their dole cut off, at least a million families have all members on the dole, so they can paint all the pictures the want but the next ten years will be bleak

    111
    Install the app to use these features.
    Mute Sean O'Keeffe
    Favourite Sean O'Keeffe
    Report
    Sep 3rd 2014, 5:44 PM

    “Ireland: The recovery is on track but almost six years after the economic bust, fantasy economics endure.” http://www.finfacts.ie/irishfinancenews/article_1028114.shtml

    45
    Install the app to use these features.
    Mute Robin Tobin
    Favourite Robin Tobin
    Report
    Sep 3rd 2014, 6:13 PM

    Bigmac it is all lies I watch a financial banker from Germany talk on Bloomberg this afternoon. Nothing changed Germany does not see the rest of Europe as being significant or allowed any point of view. Their business sector fears if this changes the german economy will collaspe. I guess we are told this lies in Ireland because of are impending auster budget in October and an election in February 2016.

    Ireland had enough our politicians know this and our growth is slowing european growth is at 0.2% not healthy because Spain and Ireland will be dragged down once again with Europe.

    33
    Install the app to use these features.
    Mute Dee4
    Favourite Dee4
    Report
    Sep 3rd 2014, 5:01 PM

    sure that was the situation in 07.If Europe goes down so does Ireland. If interest rates go up, Ireland goes down. “We” are living the American dream, one pay cheque from being kicked out on the street

    86
    Install the app to use these features.
    Mute Kev
    Favourite Kev
    Report
    Sep 3rd 2014, 5:38 PM

    doesnt it feel like theres an election on the way with all this spin.

    70
    Install the app to use these features.
    Mute Ted Carroll
    Favourite Ted Carroll
    Report
    Sep 3rd 2014, 5:13 PM

    Come on you boys in Green, the rest of Europe will again look upon us with the respect we deserve for our astute economic genius! Everybody go home and treat yourself to a bottle of champagne.

    67
    Install the app to use these features.
    Mute michael conlon
    Favourite michael conlon
    Report
    Sep 3rd 2014, 5:52 PM

    FFS ,?Ted r u on white powder,?

    9
    Install the app to use these features.
    Mute Seamus MacIonnrachtaigh
    Favourite Seamus MacIonnrachtaigh
    Report
    Sep 4th 2014, 11:15 AM

    He’s on a drug called “Understanding the concept of irony”.

    3
    Install the app to use these features.
    Mute Niall Condren
    Favourite Niall Condren
    Report
    Sep 3rd 2014, 5:04 PM

    “Ireland steams ahead” pfft

    64
    Install the app to use these features.
    Mute PAUL DOYLE
    Favourite PAUL DOYLE
    Report
    Sep 3rd 2014, 5:04 PM

    This all sounds very familiar

    58
    Install the app to use these features.
    Mute Harry byrne
    Favourite Harry byrne
    Report
    Sep 3rd 2014, 9:18 PM

    Unbelievably familiar..

    11
    Install the app to use these features.
    Mute Eugene Walsh
    Favourite Eugene Walsh
    Report
    Sep 3rd 2014, 5:27 PM

    Yay Thursday nites on the lash are back on the cards! !

    48
    Install the app to use these features.
    Mute Kerry Blake
    Favourite Kerry Blake
    Report
    Sep 3rd 2014, 5:17 PM

    So how long will Ireland steam ahead for if its European market is dead in the water?

    46
    Install the app to use these features.
    Mute Neal Ireland Hello
    Favourite Neal Ireland Hello
    Report
    Sep 3rd 2014, 5:24 PM

    In your face, Europe.

    39
    Install the app to use these features.
    Mute Rory J Leonard
    Favourite Rory J Leonard
    Report
    Sep 3rd 2014, 7:25 PM

    US multinationals are the key drivers of Ireland’s economy, so no worries, for the moment at least. It’s a case of steady as she goes!

    Our 12.5 % Corporation Tax rate; being the only English speaking country in the Euro Zone; and the excellent work of Enterprise Ireland, is what’s keeping the Yankee Dollar Investments flowing Ireland’s way. Hopefully, no major changes emerge to US corporation tax rules that might change the dynamic for FDI from there to Ireland.

    If Germany okays QE, it will be to suit its own interests, and nobody else’s. But this will also suit Ireland big time. As David McWilliams says “start those printing presses”

    Putin’s antics must really have messed up Germany as well as Russia’s own economy given the olive branches being held out today regarding Ukraine.

    Common sense always returns when billionaires get around a table.

    16
    Install the app to use these features.
    Mute Shaun Gallagher
    Favourite Shaun Gallagher
    Report
    Sep 3rd 2014, 10:42 PM

    Such shite

    9
    Install the app to use these features.
    Mute seamus mcdermott
    Favourite seamus mcdermott
    Report
    Sep 4th 2014, 9:01 AM

    Oh, isn’t that nice. JP Morgan (settled a fraud case brought by the US Justice Department for 13 billion USD) is predicitng the ECB moves. Meanwhile, the ECB hires Blackrock Financial (charged with securities fraud by the New York Attorney General) to provide advice as it ” as it thrashes out the final design of its plan, including how much, which assets, and what ranking of bonds it will buy.”

    You can’t make this stuff up. What the hell are we doing in this monetary system that is run by fraudsters?

    8
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds