Successful return to the bond markets
Yesterday, less than two years after we were ignominiously ejected, Ireland returned to the international bond markets when the NTMA raised a total of €5.23bn from investors. This represents an undoubted triumph both for the Government and the NTMA.
With the benefit of hindsight it was the cancellation by the National Treasury Management Agency of the bond auction scheduled for October 19, 2010 which signalled that the game was up for Ireland.
Although the then government continued in a state of denial for a few weeks longer, the fact that Ireland was no longer able to fund itself from the bond markets made a bailout inevitable.