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Ireland’s National Treasury Management Agency Managing a complex portfolio of public assets and liabilities. Anthony Linehan Deputy Director, Funding and Debt Management, NTMA World Bank Sovereign Debt Management Forum October 29-31 2012, Washington D.C.

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slide1

Ireland’s National Treasury Management Agency

Managing a complex portfolio of public assets and liabilities

Anthony Linehan

Deputy Director, Funding and Debt Management, NTMA

World Bank Sovereign Debt Management Forum

October 29-31 2012, Washington D.C.

slide2

A complex portfolio of public assets and liabilities

NPRFCommission

NDFABoard

NAMABoard

Funding and

Debt Management

State Claims Agency

(SCA)

Banking system functions

(Seconded to Dept of Finance )

National Development

Finance Agency

(NDFA)

National Asset

Management

Agency

(NAMA)

NewERA

National

Pensions

Reserve Fund

(NPRF)

NATIONAL TREASURY MANAGEMENT AGENCY

public assets and liabilities being managed
Public assets and liabilities being managed
  • Debt portfolio

PLUS

  • Asset portfolios
  • Liquidity assets
  • Carbon credits
  • Contingent liabilities
    • [Banking sector]
    • Claims against the State
    • PPPs
slide4
General Government Debt (%GDP) has risen significantly in recent years as a result of the banking crisis
responding to the crisis
Responding to the crisis
  • Not all liabilities can be anticipated
  • NTMA structure makes it particularly suited to respond in crisis
ireland s ntma background and establishment
Ireland’s NTMA: background and establishment
  • Established in 1990 to manage the National Debt because it was no longer possible to do so within civil service (Department of Finance) structures.
  • Legislation deliberately positioned NTMA outside of the wider public service structures with freedom to negotiate market-competitive salaries (and headhunt if necessary).
  • Since 1990, NTMA has evolved from a single-function agency managing the National Debt to a manager of a complex portfolio of public assets and liabilities.
ireland s ntma background and establishment1
Ireland’s NTMA: background and establishment
  • Has played leading role in State’s response to financial crisis, tasked with establishing 3 new, high-profile businesses from scratch since 2009 alone:

- NAMA (acquired property loans from banks)

- Banking Unit (deleveraging and recapitalisation of banks)

- NewERA (disposal of State assets and Shareholder Executive)

  • Has also been managing NPRF (long term pension liabilities of the State; peak € 25 bn reserve fund)
nama banking liabilities
NAMA – Banking liabilities
  • Acquired loans with nominal value of €74 billion (12,000 loans, 35,000 individual properties, 800 debtors) from participating financial institutions
  • Injected €32 billion of liquid assets into financial institutions as consideration
  • New organisation established from scratch (200 staff recruited with long standing experience in banking and property), from standing start in December 2009 to fully operational during 2010
  • So far paid down over €3.6 billion of NAMA debt (€3.3 bn NAMA Bonds and €0.3 bn to the State)
slide10

A complex portfolio of public assets and liabilities

Minister of Finance

NTMA Advisory Board

NPRFCommission

NDFABoard

NAMABoard

Funding and

Debt Management

State Claims Agency

(SCA)

Banking system functions

(Seconded to Dept of Finance )

National Development

Finance Agency

(NDFA)

National Asset

Management

Agency

(NAMA)

NewERA

National

Pensions

Reserve Fund

(NPRF)

NATIONAL TREASURY MANAGEMENT AGENCY

advantages
Advantages
  • Centralising treasury operations means various arms of State aren’t in competition
  • Model gives NTMA flexibility to quickly equip itself with professional expertise necessary to perform additional functions given to it by successive governments over the years
  • New functions acquired can leverage NTMA’s services in IT, human resources, legal, communications
  • Cross-fertilisation of ideas and expertise