Chief Executive of the National Treasury Management Agency Conor O’Kelly
This afternoon/
Public Accounts Committee hearing.
The Chief Executive of the National Treasury Management Agency Conor O’Kelly said that the Rainy Day Fund stood at €1.5 billion at its peak.
Via RTÉ:
However, all of the money was used during the Covid-19 pandemic.
“There is no funds in the Rainy Day Fund as we speak,” Mr O’Kelly told the PAC today.
Mr O’Kelly also said the NTMA oversaw loans to Aer Lingus of €150m during the pandemic, and is in talks with the airline to see if it needs more assistance.
The NTMA also loaned the the Dublin and Cork airports operator Daa €40m, he added.
Mr O’Kelly told the committee that Ireland borrowed just under €36 billion since the start of the pandemic at an average interest rate of 0.16%.
NTMA chief says Rainy Day Fund is empty (RTÉ)
Berk.
36 billion to keep construction closed and trap people in their homes, good job
No all that was extra. We borrow money every year to pay off old bonds. In 2019 there was a plan to borrow between €10 to €14 billion of bonds for 2020 [https://www.ntma.ie/news/ntma-to-borrow-less-in-2020-than-in-2019]
If we assume the same for 2021 the total expected borrowing for the 24 months was in the range €20-€28bn, or 15-21bn for the last 18-months;
This 36bn should be seen as €21-€15bn more than the expected €15-€21bn
(still a lot of money!)
Why are we giving money to Aer Lingus?
Why are we letting a corrupt organisation manage our money..?