Agency holds first investor roadshow since EU bailout

THE National Treasury Management Agency has embarked on its first investor roadshow since the €67.5 billion bailout involving the EU and the IMF was agreed in November.

Ireland would return to the markets as soon as investors felt more comfortable about its fiscal goals as well as prospects for other peripheral eurozone countries, NTMA chief executive John Corrigan had said previously.

According to an NTMA spokesman, the agency will, over the next four to six weeks, travel abroad to meet investors in Asia, Europe and the US to discuss the Irish situation in the post-bailout environment.

The NTMA will discuss a “range of issues”, including the ongoing banking crisis, budgetary issues and “restoring competitiveness to the economy,” Mr Corrigan said.

Mr Corrigan is being accompanied by director of funding and debt management Oliver Whelan and chief economist Rossa White.

Other key officials will also be part of the roadshow, he said.

The purpose of the briefings is to update both existing and potential bond investors, bringing them up to speed on what has been happening to stabilise the banking sector and to get the country’s budgets back under control.

Irish bond yields have remained high despite the external aid as concerns about future bank losses and a bloated budget deficit could still force Ireland to default on its mountain of debt.

The NTMA said that as a result of the bailout Ireland’s fiscal targets were achievable and the terms of the bailout programme, which include a variety of loan terms that average seven-and-a-half years, should allow us to get though this crisis.

The investor scepticism is understandable, Mr Corrigan said earlier in the year, but “the IMF/EU package gives us breathing space to rebuild confidence”, he said.

It is understood that Mr Corrigan and his senior executive team will be making the same points to investors around the globe in the weeks ahead.


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