Ireland sells €500m in bonds at negative yield

International investors are now paying Ireland to borrow its money.

The Government has borrowed half a billion euro in a new six-month treasury bill this morning.

But it is paying an interest rate of negsative 0.03% - meaning Ireland will have to repay less than it borrows.

The level of interest in the sale covered the availale bonds more than three times, with a bid-to-cover ratio of 3.4.

Borrowing costs for many European governments have fallen in recent months after action by the ECB to lower interest rates across the continent.