Chief Executive of the National Treasury Management Agency Conor O’Kelly
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.
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%.