Bailout bonds on sale

THE EUROPEAN Union is to sell off the first round of bonds to raise funds for Ireland's financial aid package.

The financial aids for distressed states will sell off bonds to raise up to €34.1bn for Ireland next year and then a further €14.9bn in 2012.

The EU will issue bonds under the auspices of the European Financial Stability Mechanism (EFSM) and European Financial Stability Facility, which will sell a total of seven to eight benchmark bonds.

Ireland's €85bn rescue last month includes €22.5bn from the EFSM -- which is managed by the commission -- and €17.7bn from the EFSF, overseen by euro-area governments.