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Irish debt chief says targeting lower cash balances

Reuters - UK Focus

DUBLIN, July 28 (Reuters) - Ireland (Other OTC: IRLD - news) is considering holding lower cash balances than the 12 to 15 months worth it has held for the last two years, the head of the country's debt agency said on Monday.

"Given what's happened in the market we are now looking at targeting lower cash balances of 9-12 months," National Treasury Management Agency (NTMA) Chief Executive John Corrigan told a news conference.

Corrigan added that the NTMA's working plan was to run another bond swap and buyback before the end of the year to further cut its funding requirements for 2016.

(Reporting by Padraic Halpin, editing by Kate Holton)