Fianna Fáil Finance Spokesperson Michael McGrath has welcomed the signal from Finance Minister Michael Noonan today that the NTMA is considering issuing a ten year bond as Ireland prepares to exit the current EU / ECB / IMF programme.
Deputy McGrath stated, “During the debate on the Finance Bill on Tuesday night, I said to the Minister that the issuance of a ten year government bond by the NTMA would be important benchmark for the country in exiting the current troika programme. I welcome today’s comments by the Minister recognising the importance of such a bond sale and his hint that such a sale may happen shortly.
“Market conditions are very favourable for Ireland at the moment and I am sure senior officials are the NTMA are considering when is the opportune time to strike by placing a long term government bond in the markets. A successful issuance of a ten year bond would represent a powerful statement that Ireland is on course to exit the current troika programme by the end of the year.
“Fianna Fáil welcomes the return to the international markets by the NTMA. We want to see Ireland exit from the current programme in the next ten months. However, the government would be wise not to overstate the notion of economic independence as the markets will continue to demand strict fiscal discipline and rigid EU budget rules will continue to apply long after we exit the programme.
“I also welcome the Minister’s acknowledgement that Ireland ‘took one for the team’ in rescuing our banks and that these actions prevented contagion across the European Union. The Minister now needs to press home this point in his negotiations to have the burden of recapitalising the pillar banks lifted from the shoulders of our citizens as quickly as possible.”