The National Treasury Management Agency has said its priority for early this year is to finalise an investment strategy to underpin the Ireland Strategic Investment Fund's mandate.

The fund's mandate is invest on a commercial basis to support economic activity and employment here. Recent legislation formally established the Fund, which absorbed the assets of the National Pensions Reserve Fund.

In its business review of last year, the NTMA's new chief executive Conor O'Kelly said the agency made a full return to the bond markets with regular auctions and the issue of two new long-term benchmark bonds. 

He noted that Irish sovereign bonds continued their sustained rally last year, with the yield on the 10 year bond closing at 1.23% at the end of the year compared to 3.54% in January 2014. 

Mr O'Kelly said the NTMA plans to issue €12-15 billion of long term bonds during 2015, which includes provision for IMF loan repayments.

Last year the NTMA also saw progress on several major public private partnership projects in which the National Development Finance Agency had a key role.

The projects included new roads and schools around the country, including the N7 Newlands Cross project in Dublin.

Acting as the State Claims Agency, the NTMA carries out claims and risk management functions for the state. The SCA's legal costs unit secured reductions of €10.5m on the 133 tribunal-related legal expenses resolved by the unit since it began operations in February 2013. 

It also secured legal cost savings of €10m in respect of bills of costs in personal injury claims taken against the State. 

The agency settled 2,082 cases at a total cost of €95m last year, today's review states.