NTMA: Eurozone debt solution is key to enabling markets return

The National Treasury Management Agency (NTMA) has said that it hopes to return to the bond markets before the end of 2012, or early next year.

The NTMA is also backing the Taoiseach's insistence that Ireland will not require a second bailout, saying investors are satisfied the country will be able to begin raising money before the end of the EU/IMF programme.

The agency has met with over 300 potential clients since last May in the US, Europe and Asia and plans to step up the intensive investor relations drive over the coming months.

However NTMA Chief Executive John Corrigan says a resolution to the eurozone financial crisis is critical to enabling Ireland to return to the markets.

“In our dealings with investors we have noted that Ireland is gaining credit for the progress

it is making," Mr Corrigan said.

"Investors recognise that Ireland has a flexible open economy and is fully engaged in taking action to deal with its problems on the basis of the measures set out in the EU/IMF programme.

"However, a resolution of the wider eurozone sovereign debt and banking crisis is critical to restoring investor confidence and positioning the NTMA for a return to the markets.”

In its results and business review published today the NTMA said debt service costs in 2011 were €5.4bn, while burden-sharing with subordinated bank bondholders had delivered €15.5bn since 2009.