The National Treasury Management Agency (NTMA) has said it plans to raise between €6 and €10 billion from the markets this year, by way of pre-funding for 2015.

In its business review for 2013, the agency said it raised €7.5 billion from the markets last year, in support of the EU/IMF bailout programme exit, and maintained exchequer cash and deposits of €18.5 billion at year end.

NTMA chief executive John Corrigan said the agency had initiated its market engagement for 2014 with the 10-year syndicated bond sale launched this morning, the State's first issuance since the end of the EU/IMF programme.

“The success of last year’s two substantial bond sales confirmed Ireland’s ability to access long-term bond markets at sustainable rates. Having initially re-engaged with the short-term debt markets in 2012 followed by two medium and long-term syndications in 2013 and another one today, the final phase in market normalisation will involve a series of bond auctions.’’

In January last year the NTMA issued €2.5 billion of the existing 5-year benchmark bond at a yield of 3.32 per cent. In March, the NTMA sold €5 billion of a new 10-year benchmark bond at a yield of 4.15 per cent, its first new 10-year benchmark issuance since January 2010.

Mr Corrigan said 2014 will see the establishment, following the necessary legislative changes, of an overarching NTMA Board to be chaired by Willie Walsh.