The National Treasury Management Agency said it plans to borrow between €16 billion and €20 billion on the bond market in 2021.

This is down from the €24 billion it borrowed in 2020 to help fund the Government's response to Covid-19. 

"With no long-term bond maturities arising in 2021, the key driver of the funding range is the exchequer borrowing requirement, which was forecast at €18 billion in Budget 2021," the NTMA said in a statement.

The NTMA's Director of Funding and Debt Management Frank O'Connor said the agency's strategy of pre-funding liabilities has allowed it to respond to the challenges of the Covid pandemic from a position of strength. 

"This strategy gave us flexibility during 2020 to match our increased borrowing requirements with investor demand," Mr O'Connor said. 

"With one of the longest maturity profiles in Europe and lower redemptions over the next four years, we have additional flexibility in meeting future borrowing requirements," he added.