State raises €6bn of debt as costs of fight against Covid-19 start to be counted

The debt agency has long acknowledged it will have to borrow more than anticipated this year

The National Treasury Management Agency has raised €6bn in debt to be repaid in seven years at a yield or interest rate of 0.24% -- marking the start of an extensive programme to cover the costs to the State in fighting the pandemic.

NTMA chief executive Conor O’’Kelly hailed the "the strong demand" in the €6bn sale as showing the State was in good shape, helped by ECB measures, to "meet any additional borrowing requirements" of the Covid-19 crisis.