Moody’s: Credit line may be needed

Ireland might need a precautionary credit line when the country exits the EU/IMF bailout programme in November, the credit ratings agency Moody’s has said.

“Although it is probably too early to say that Ireland’s market access has returned to normal, we would expect — unless there is a material change in the local economy or international market circumstances — that Ireland would only need to obtain a precautionary facility from European institutions,” Moody’s, which has Ireland at a non-investment grade, said in a note.

Chief economist with Goodbody Stockbrokers, Dermot O’Leary, issued a note earlier this year also recommending that the Government secures a precautionary credit line before the programme exit.