Ireland's National Debt Could Reach €250 Billion by 2030s, NTMA Warns

Ireland's national debt could reach €250 billion by the 2030s, according to Frank O’Connor, chief executive of the National Treasury Management Agency (NTMA). He will inform the Public Accounts Committee (PAC) that this level of debt «carries risk» and requires vigilance, noting the debt has grown from €30 billion 35 years ago to over €200 billion today.

The cost of servicing the debt in 2024 was €3.2 billion, a 60% reduction from the 2013 peak of €8 billion. This was achieved by the NTMA locking in low borrowing costs for long terms and prefunding at low rates during an era of quantitative easing. However, O’Connor will state this period is over, and the benefits of low fixed rates will diminish as cheaper debts mature and are replaced by more expensive ones.

Separately, O’Connor will report that the NTMA has recovered €2.5 million of the €5 million stolen in a phishing attack last year. The theft occurred via a fraudulent payment request designed to mimic a legitimate one from an ISIF investee, though NTMA’s IT systems were not compromised. Deloitte completed an independent forensic investigation, and enhanced controls have been implemented to prevent future attacks.