Ireland can be 'more choosy' about market return, says NTMA chief

on 12/09/2012 13:05:41

National Treasury Management Agency (NTMA) chief executive John Corrigan said today that Ireland is making significant progress towards a sustainable market re-entry.

The NTMA will hold a second short-term bond auction tomorrow when it will sell €500m worth of three-month treasury bills.

Speaking at a Chartered Accountants event in Dublin this afternoon, Mr Corrigan said that Ireland still faces challenges but investors have been encouraged by positive signs from the economy and Ireland's adherence to the terms of the Troika bailout agreement.

He also said the plan is to achieve sustainable re-entry to the markets over the coming months and throughout next year.

"We're in a very comfortable position now in that we have reduced the funding mountain which was facing us in January 2014, we've effectively reduced that from nearly €12bn to €2.5bn," he said.

"So I think we can be, as I've said before, a little bit more choosy about when we return, but certainly the backdrop created by the German ruling this morning is extremely positive."