Irish national debt could reach €250bn by 2030s - NTMA

Ireland's national debt now stands at €200 billion and could reach €250bn by the 2030s, the Oireachtas Committee of Public Accounts will hear today.

The Chief Executive of the National Treasury Management Agency will tell the committee that this would be "very high-level indebtedness" that "carries risk".

Frank O’Connor will also tell the committee that the agency managed a national debt of around €30 billion at its inception 35 years ago, and "that was seen as high then".

The NTMA is responsible for managing public assets and liabilities for long-term benefit on behalf of the State.

He will say that it is something that debt managers cannot be complacent about and "the ability to service that debt is critical".

"Record low interest rates that arose from Quantitative Easing" in recent years made servicing debt "easier and cheaper," Mr O’Connor will say.

TDs and senators will hear that in 2024 the cost of the NTMA servicing debt was €3.2 billion, 60% below its peak of €8 billion in 2013.

Mr O'Connor will say that the NTMA "took advantage of the low-interest rate era by locking in low borrowing costs for long terms".

The agency also borrowed money early at low rates, he will say, before warning "that era is now over".

"The benefits of borrowing at low fixed rates will recede, as these lower-cost debts gradually mature and are replaced with more expensive debt.

"We also have to be prepared for rates potentially rising further and the additional costs that would come with that," Mr O'Connor will say.

NTMA yet to recover €2.5m stolen in phishing attack

The committee will also hear that the NTMA has yet to recover half of the €5m stolen during a voice phishing attack last summer.

The agency oversees the Ireland Strategic Investment Fund, which invests in projects that support economic activity and employment in Ireland.

In July 2025, the agency received a fraudulent payment request from a third party that was designed and timed to pass as a legitimate request from an investee of the fund.

It was reported that voice impersonation and a fake invoice was used to carry out the scam.

Mr O'Connor will tell the committee that €2.5m of the stolen €5m has been recovered so far.

He will reiterate that there was no compromise of the NTMA's IT systems.

The committee will hear that Deloitte conducted an independent forensic investigation to "establish the facts and to examine relevant internal controls".

This investigation is now completed, and the NTMA will say it has engaged with the Comptroller and the Auditor General on the issue.

Mr O'Connor will say that enhanced controls were put in place immediately after the incident to protect it against future financial crime risks.

"Deloitte's investigation also recommended certain key measures to increase protection against similar financial crime risks, which we have implemented in full," he will say.

The NTMA is continuing its efforts to recover the rest of the stolen money, Mr O'Connor will say.