Government borrowing this year will not exceed €650 million, the Treasury said yesterday in the wake of Parliament’s Budget approval.

Borrowing in the form of Government stock will be used to redeem seven bond issues that come to term this year totalling almost €400 million, to finance a deficit of €164 million and make changes to the debt portfolio.

The Treasury confirmed its intention to front-load borrowing in the first half of the year.

The first stock offer was issued in late February and the second offer is expected in May.

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