Ireland sells €500m in bills at zero interest

Ireland sells €500m in bills at zero interest

Ireland is now able to borrow money for free.

The country borrowed half a billion euro from investors in the form of short-term bills today, with no interest at all.

The National Treasury Management Agency auctioned off €500m of bills on the lowest rate of 0%, to mature in six months.

The auction received €1.745bn in bids for the €500m in bonds - a demand three times that of supply.

Treasury Bills are designed to give the NTMA flexibility in generating liquid assets to fund long-term plans, and their sale is limited to 18 dealers and three "eligible counterparties".

The fall in the cost of borrowing is partly because of the latest measures from the European Central Bank, which has driven down the cost of borrowing to most Eurozone countries.

More in this Section

M&S chief financial officer quits role as firm slides out of FTSE 100M&S chief financial officer quits role as firm slides out of FTSE 100

UK government urged to prevent Thomas Cook collapseUK government urged to prevent Thomas Cook collapse

Facebook suspends ‘tens of thousands’ of appsFacebook suspends ‘tens of thousands’ of apps

Walmart to stop selling e-cigarettes at its US storesWalmart to stop selling e-cigarettes at its US stores


Lifestyle

Mulranny, in the shadow of the Nephin Beg Mountains on the north shore of Clew Bay, is a hill-walker’s paradise.Old Irish goats deserve to be nurtured

In awe of nature’s bounty on a glorious September dayIn awe of nature’s bounty on a glorious September day

Rotten by name but certainly not by nature.Islands of Ireland: Rotten to the core

There’s a revealing story well told by the writer Alice Taylor about the day a neighbour gave a present of a poached salmon to her family.Alice’s salmon of knowledge

More From The Irish Examiner