Noonan: This has been a 'good week' for Ireland

Despite yesterday's controversy surrounding Taoiseach Enda Kenny's comments on who is to blame for the state of the economy, the Minister for Finance Michael Noonan has said it has been a "good week" for Ireland.

The Government has taken advantage of a "swap deal" with investors, meaning Ireland has to pay €8.5bn back to Europe in 2015 as opposed to €12bn.

It is the first time the Government has returned to the markets, albeit in a small way, since September 2010.

Speaking in Limerick last night, Minister Noonan said Ireland is back on the markets a lot earlier than anyone expected.

Mr Noonan said: "We succeeded in doing a swap for €3.5bn yesterday, which means the €12bn is now down to €8.5bn and the other €3.5bn is swapped back into 2015.

"So the Financial Times' headline today 'Ireland back in the markets'. Not permanantly, but Ireland back in the markets a lot earlier than anybody expected."