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Ireland may return to debt markets next year- Corrigan

Ireland could begin borrowing on sovereign markets in "phased engagement" at the end of next year, the head of the National Treasury Management Agency (NTMA) said today.

This country has been priced out of the markets since the beginning of the financial crisis in 2008 but under the terms of the EU/IMF €67.5bn bailout loans, the cost of borrowing has dropped to below 10pc on the back of tough austerity measures.

"The NTMA has maintained a very low presence in the very short term debt markets thoughout recent months, NTMA chief John Corrigan told the Joint Oireachtas Committee on Finance, Public Expenditure & Reform.

“Subject to broader circumstances we hope to extend that programme through the latter part of 2012 by slowly extending the maturity of the debt we raise before beginning our efforts to raise long-term debt.

"We envisage a phased engagement with the markets before we fully resume normal debt raising operations."