Noonan says no to bond scheme

Ireland does not expect to tap the ECB’s new bond-buying programme before it emerges from its bailout at the end of next year, and after that only in case of emergency, Michael Noonan, the finance minister, said yesterday.

Ireland is a possible early recipient of the ECB’s Outright Monetary Transaction programme as it is the only eurozone country under IMF supervision that has some access to bond markets, two conditions of the programme.

Mr Noonan said he does not expect to need the help if European partners deliver on a separate deal to cut Ireland’s legacy bank debt, which would by itself clear the way for a full return to long-term bond markets.