Friday 31 October 2014

Bailout exit a 'big boost' for investment – IDA

Published 17/04/2013 | 05:00

John Corrigan,Chief Executive of the National Treasury Management Agency (NTMA)
John Corrigan,Chief Executive of the National Treasury Management Agency (NTMA)

THE NTMA will return to the market tomorrow, as the country prepares to exit its bailout programme – a move that the IDA said would "boost Ireland's reputation abroad".

The Government's debt management agency will offer €500m worth of treasury bills with a three-month maturity date tomorrow.

The products will be almost identical in character to the bills the NTMA auctioned off last month and will test reaction to the recent deal on Ireland's debts and the collapse of the Croke Park deal.

The agency has completed three such deals so far this year, as well as selling its first benchmark 10-year bond since before bailout in 2010.

Assuming tomorrow's auction is successful, then the agency is planning two more sell-offs before the end of June.

Latest auction

News of the latest auction came as the head of the IDA said a successful exit of our bailout would be a huge fillip to the country's reputation overseas, and would make it easier to attract investment here.

Speaking at an event in Dublin, Barry O'Leary said that when the exit finally comes, it will be a "big reputational boost" for the country.

"Looking at things today, there is no doubt the sentiment is improving, and in the US in particular it has improved significantly," he said.

"Any challenges about Ireland now are just not raised. In any of the interactions we have with companies, there is a lot of positivity about Ireland." Addressing a Dublin Chamber of Commerce event, Mr O'Leary said a number of factors were at play in the improvement in sentiment.

"The fact that the NTMA can go into the market is good," he said, pointing out that much of the promotion and brand-building work by the agency was now done online, via social media.

Irish Independent

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