Ireland ‘not in need’ of credit line

Ireland was advised not to apply for additional aid from the EU’s rescue fund as it exits the bailout programme by the German finance minister, Wolfgang Schaeuble.

At the same time in Berlin — where negotiations are finalising a grand coalition between Angela Merkel’s CDU and the Socialists — senior Socialist politicians once again fingered Ireland’s corporation tax rate as being unacceptable.

Finance Minister Michael Noonan is due to begin discussions with the European Commission and the ECB next week and with the IMF on October 28 on arrangements for the country’s exit from the bailout programme in mid-December.