National Treasury Management Agency (NTMA) chief economist Rossa White is set to leave the organisation after a decade that was bookended by the Government seeking an international bailout and finding itself borrowing at record low rates.
Mr White is set to take over as head of group investor relations at Dublin-based but London-listed DCC, the fuel distribution-to-technology sales conglomerate. A spokeswoman for DCC confirmed the appointment.
The economist joined the NTMA from stockbroker Davy in mid-2010, at the start of the euro zone financial crisis. It was just before the State was locked out of international debt markets and forced into a €65.7 billion, three-year rescue programme from the International Monetary Fund, European Commission and European Central Bank.
At DCC, Mr White will report to chief financial officer Kevin Lucey, who was promoted from the position of head of capital markets earlier this year. The investor relations function had most recently been covered by Mandy O'Sullivan, the group's head of corporate finance.
Mr White played a part in the NTMA’s strategy of maintaining engagement with international investors during the programme, paving the way for an early return to the long-term bond markets in 2012.
Intervened
The market interest rate, or yield, on the Republic’s debt peaked at 14.1 per cent in 2011, before falling as the Government’s financial position improved and the ECB intervened to calm euro-area bond markets.
Irish yields fell to a record low of minus 0.32 per cent on Friday as investors reacted to the ECB’s move the previous day to step up its emergency bond-buying programme from to €1.85 trillion to €1.35 billion, underwriting governments as they borrow heavily to pay for the Covid-19 crisis.
The NTMA plans to raise between €16 billion and €20 billion in the bond markets next year to cover a budget gap caused by the Government’s response to the Covid-19 crisis and potential fallout from Brexit.
The agency tapped the markets for €24 billion this year at an average interest rate of 0.02 per cent, helped by the ECB stimulus programme.
