The National Treasury Management Agency said it plans to issue €10 billion to €14 billion of bonds over the course of 2022.

This is down from the €18.5 billion issued this year as the Government hopes to spend far less battling the Covid-19 pandemic.

The NTMA also said today it intends to hold at least one syndicated bond deal during the year.

It said it will issue a statement at the beginning of each calendar quarter outlining the bond auction plans for that quarter.

The debt agency also said it will continue to issue Treasury Bills next year and further details will be contained in the quarterly announcements.

NTMA Director of Funding and Debt Management Frank O'Connor said the reduced borrowing range for 2022 reflects Ireland's improving fiscal position and our long-standing strategy of pre-funding liabilities.

"With one of the longest maturity profiles in Europe and lower redemptions over the medium term, we have considerable flexibility in meeting Ireland's future borrowing requirements," Mr O'Connor said.

The NTMA will enter 2022 with a cash balance of more than €20 billion.