Written Answers. - National Treasury Management Agency.

Wednesday, 5 April 1995

Dáil Éireann Debate
Vol. 451 No. 6

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  22.  Ms O'Donnell  Information on Liz O'Donnell  Zoom on Liz O'Donnell   asked the Minister for Finance  Information on Ruairí Quinn  Zoom on Ruairí Quinn   whether he has satisfied himself that the NTMA has the skills and resources to manage the indebtedness of semi-State or State-sponsored bodies that may be transferred to it; and if he will make a statement on the matter. [6960/95]

  31.  Ms Keogh  Information on Helen Catherine Anne Keogh  Zoom on Helen Catherine Anne Keogh   asked the Minister for Finance  Information on Ruairí Quinn  Zoom on Ruairí Quinn   whether he has satisfied himself that the NTMA has the skills and resources to manage the indebtedness of semi-State or State-sponsored bodies that may be transferred to it; and if he will make a statement on the matter. [6961/95]

Minister for Finance (Mr. Quinn): Information on Ruairí Quinn  Zoom on Ruairí Quinn  I propose to take Questions Nos. 22 and 31 together.

The National Treasury Management Agency was set up under the National Treasury Management Agency Act, [1293] 1990. The principal functions of the agency are to perform, on behalf of the Minister for Finance, the functions of the Minister delegated to it by Order of the Government under section 5 of that Act. The functions that may be delegated to the agency are those relating to borrowing and management of the national debt. The national debt is the biggest portfolio of debt in the State and it requires specific attention. The National Treasury Management Agency was set up for this purpose. The entire portfolio managed by the agency consists of State debt.

The debt of semi-State or State sponsored bodies, even when it carries a State guarantee, is not part of the national debt. The management by NTMA of the liabilities of such bodies does not arise under the 1990 Act. Some of the debt of these bodies carries a State guarantee. Were any such guarantee ever to be invoked or were such debt to be assumed by the State, thereby becoming part of the national debt, it would then naturally fall to be managed by the NTMA. I am satisfied that the agency has the skills and resources to perform its functions. Given the scale of the agency's current operations, I am satisfied that it will continue to do so under all foreseeable circumstances.


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