Mr. John Corrigan:

I am accompanied by Mr. Oliver Whelan, who is responsible for funding and debt management in the NTMA, and Mr. Brendan Murphy, who is the chief financial officer and chief risk officer. I welcome the opportunity to meet the committee. While the NTMA manages a wide range of assets and liabilities on behalf of the Government, in my opening remarks I propose to focus mainly on the area of debt management and the steps we are taking to regain full access to the markets. I will also update the committee on the measures being taken by the National Pensions Reserve Fund to invest in the domestic economy.

Before getting into these areas in detail, I would like to refer briefly to some of the current priorities in the NTMA’s other areas of activity. The National Development Finance Agency’s PPP expertise is being utilised to assist with the delivery of the Government’s infrastructure stimulus package, NewERA is leading and managing the Bord Gáis Éireann transaction on behalf of the Government, and the State Claims Agency’s remit has been extended to deal with third-party costs arising from certain tribunals of inquiry as well as providing ongoing claims and risk management services to the Government.