The National Treasury Management Agency (NTMA), which manages the Government's, debts has increased the amount of money it expects to raise next year by up to €2bn, following the Government's admission that its deficit will be higher than previously forecast.
Based on the previous deficit estimates of €170m the NTMA expected to raise €2.5 to €5bn through issuing bonds next year.
However today, in an interview with Reuters, NTMA chief executive Michael Somers said he expected to sell bonds worth over €7bn in ten €720m monthly installments.
Somers said the agency would have to raise money to repay at least €3bn in debt next year, and would have to fund the deficit on top of that.
The Government recently said this would be around €750m, but many economists think it could be double this level.
