Ireland's bond issuance will exceed forecasts by up to €2 billion next year due to deteriorating finances.
Mr Michael Somers, chief executive of the State's NationalTreasury Management Agency (NTMA), told reporters todayIreland would maintain this year's issuance level with around€7 billion in bonds in 2003.
"Our intention would be just to have a series of monthlyauctions for 10 months next year -- again for roughly the sameamount as this year, which is €600 million in astraightforward auction each month and another 120 million amonth in non-competitive auction," Mr Somers said in an interview.
By end-2002 bond issuance will have refinancedaround €5 billion of long-term debt and €2 billion inshort-term.
Earlier this year, Ireland expected to issue between €2.5billion and €5 billion in 2003 based on a projectedgovernment surplus of €170 million - however, with taxrevenues plunging and public spending out of control thegovernment is now predicting a deficit of around €750 million.
Some economists say the deficit - which comes after fiveyears of surplus - could be twice that figure.
"We're going to have to repay debt of the order of at least€3 billion next year and then it depends what thedeficit is going to be on top of that. We'll probably also tryto refinance some short term paper," Mr Somers said.