NTMA to raise up to €1.5bn before stimulus plan

The National Treasury Management Agency (NTMA) plans to raise up to €1.5 billion this week as it seeks to bolster the Government's firepower ahead of the unveiling this month of a stimulus plan to tackle the Covid-19 crisis.

The agency, which manages the State’s financing needs, said it would auction between €1 billion and €1.5 billion of bonds in lots that would be due to be repaid in 2027, 2030 or 2050.

The NTMA has raised €18.5 billion so far this year in the long-term bond markets, having set a target in May of seeking between €20 billion and €24 billion from international capital markets to help deal with soaring cost of the health system and economic costs resulting from the pandemic. It had originally only planned to raise €10 billion to €14 billion this year.

The new Government is currently working on what Taoiseach Micheál Martin has called a “sizeable” stimulus package aimed at boosting domestic demand and employment as the economy has been thrown into turmoil in recent months.

Brexit: System agreed for Irish goods to skip checks on UK trade

---

Ireland faces 'deep downturn' this year and may not rebound until 2024 if there is a second wave

---

AIB says most severe phase of hit to service businesses has passed

---

Paschal Donohoe warns EU against giving up on digital tax

---

The Republic's unemployment rate stood at 22.5 per cent in June, albeit down from 26.1 per cent in May, as the economy continued to open up following Covid-19 restrictions, according to the Central Statistics Office.

The Government is on track to run a budget deficit of between €23 billion and €30 billion this year, according to Minister for Finance Paschal Donohoe.