Irish debt office agrees to collateralise derivatives

The NTMA follows Portugal's debt office in adopting two-way collateralisation - but unlike Portugal it appears it will have to post cash


Ireland's debt office, the National Treasury Management Agency (NTMA), has agreed to start posting collateral to its derivatives counterparties – a practice that it, like most other major sovereign entities, has resisted. Dealers say the NTMA had to make the change or face being locked out of the market.

The NTMA announced the move in its 2010 annual report, published at the end of June, which says the decision was taken "to mitigate the Exchequer's exposure to market counterparties while at the

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