NTMA Annual Report and Financial Statements 2024 (Ireland Strategic Investment Fund (ISIF))

Summary

• The NTMA issued €6.0bn of benchmark bonds at a weighted average yield of 2.70% and a weighted average maturity of 11.6 years.p.4
• The Ireland Strategic Investment Fund (ISIF) is a €16.6bn fund, made up of a Discretionary Portfolio (€8.9bn) and a Directed Portfolio (€7.7bn).p.26
• ISIF commitments of €8.8bn across 248 investments have unlocked €12.6bn of co-investment, for a total commitment to Ireland of €21.4bn.p.4
• ISIF committed over €1.6bn to 35 separate investments during 2024, an average investment size of €47m.p.27
• €8.4bn was contributed to the Future Ireland Fund during 2024.p.4
• Gross National Debt stood at €232.6bn and General Government Debt at €218.2bn at end-2024.p.17

Key insights

1. Ireland's General Government Debt fell by €2.5bn to €218.2bn, the third consecutive year in which the absolute level of debt declined.p.18
2. The GGD/GNI* ratio stood at a forecast 70%, down six percentage points on end-2023, while the GGD/GDP ratio stood at 41%.p.18
3. The general government interest bill was €3.2bn, almost 60% below its 2013 peak of €7.8bn.p.21
4. The Exchequer held cash and liquid assets of €34.3bn at end-2024, an increase of €9.5bn on end-2023.p.16
5. Fitch upgraded Ireland's rating to AA in May and Morningstar DBRS upgraded it to AA in September.p.24
6. Ireland's benchmark bond curve consisted of 18 fixed rate bonds, with 14 primary dealers at end-2024.p.22
7. A €400m allocation for equity-based investments in new housing projects was announced, with just under €130m committed by end-2024.p.27
8. Food and agriculture is Ireland's largest indigenous sector, with exports of €18.1bn to 180 countries.p.31
9. The State Claims Agency was managing 10,968 active claims with an estimated outstanding liability of €5.35bn at end-2024.p.5