Mr Charlie McCreevy TD, Minister for Finance, today announced the establishment of a central treasury service in the National Treasury Management Agency (NTMA). This service will enable the NTMA to offer cash management facilities to health boards, vocational educational committees, local authorities and other designated non-commercial State bodies.

The necessary legislative provisions to establish the service were contained in the National Treasury Management Agency (Amendment) Act, 2000. The Minister has now signed the Order required under the Act to enable the NTMA commence offering the service.

The Minister stressed that the objective of the service was to offer non-commercial State bodies a competitive service in the areas of deposit and loan facilities with a view to achieving savings for the Exchequer. He said the establishment of the service would bring greater competition and transparency in the provision of cash management services which could only be of benefit to the bodies concerned.

In conclusion, the Minister said he was confident that provision of the new service would allow the NTMA to build on the strengths it already possessed and to use its expertise to provide further specialised financial services to the State.

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