The head of the National Treasury Management Agency (NTMA) says Ireland is making significant progress towards a sustainable market re-entry.
The NTMA will hold a 2nd short-term bond auction tomorrow. The agency plans to sell €500 million worth of 3-month treasury bills.
John Corrigan said Ireland still faces challenges but investors have beenencouraged by positive signs from the economy and Irish adherence to the Troika bailout.
“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.”
He stated that his primary objective was always to tackle the “funding cliff” presented by €12 billion worth of bonds maturing in January 2014.
That has now been reduced to €2.4 billion.
And along with events in Germany this morning Mr. Corrigan says Ireland is on course to asustainable market re-entry.