Tuesday 6 December 2016

NTMA deserves praise for a job well done

Published 08/01/2014 | 02:30

YESTERDAY'S bond sale was great news for Ireland. It was a clear sign that overseas investor confidence in this country is high. In fact, it is higher by some measures than countries such as Italy and Spain which currently have to pay more to borrow than we do.

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The enthusiastic response of investors to Irish bonds yesterday had the happy side effect of helping to bring down the cost of borrowing for many other countries such as Portugal and also pushed European shares higher. It was reassuring to see that Ireland's good fortune was helping other countries just as our problems in recent years hit neighbours in the eurozone hard as well.

We took a risk when we left the bailout last month without some sort of precautionary backstop but yesterday's sale goes to show how far Ireland's reputation has been restored internationally.

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