Former NTMA boss Somers: Ireland will probably need another bailout

The former CEO of the National Treasury Management Agency Michael Somers has said Ireland will probably need another bailout.

Mr Somers said that because Ireland's credit rating is so low, we are unlikely to find anyone to invest in us.

He added we would not be able to repay our current level of debt without some long-term funding from Europe, which would never have to be repaid.

"I think we probably will (need a second bailout), because I don't know where else the money is going to come from," he said.

"What we have been getting in this bailout is cash to repay people who lent us money when they thought we were a better credit-rating outfit than we are. It suits people other than ourselves to give us this cash."