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Government raises €1bn

THE Government has raised €1bn in a 10-year bond auction.

The yield was 1.63pc while the bid/cover was 2.5 times - far lower than the 2.3pc it paid at a similar auction in June.

The money was raised by the National Treasury Management Agency, headed up by John Corrigan, which manages the country's debt.

It is the last fund-raising before Tuesday's budget is announced by Finance Minister Michael Noonan.

With the completion of the auction the NTMA has raised €8bn in the bond markets.