Business Irish

Wednesday 20 September 2017

Ireland to raise €500m in T-bill auction

Taoiseach Enda Kenny and Finance Minister Michael Noonan
Taoiseach Enda Kenny and Finance Minister Michael Noonan

Ailish O’Hora

IRELAND will take another step towards re-entry into the credit markets with plans to raise €500m in short-term money.

An auction of three-month T-bills will take place on October 18 and close at 4pm.

Last month, the NTMA, which manages the country’s debt, sold €500m of the bills at a yield of 0.7pc.

Yields on 9-year money remain below 5pc – at an EU summit on June 29 European leaders agreed to examine ways to restructure Ireland €64bn in bank debt.

The agreement was made in a bid to improve the sustainability of the EU/IMF/ECB bailout loan programme.

The issue is likely to be raised by An Taoiseach Enda Kenny at a summit later this week in Brussels.

A number of countries, including Germany and Finland, have raised questions about the June agreement.

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