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| 27/07/2012 |
McGrath Welcomes NTMA Bond Sale But Urges Caution |
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Fianna Fáil Spokesperson on Finance, Michael McGrath TD, has welcomed today's €5 billion NTMA bond sale but urged caution in interpreting the results.
Deputy McGrath stated: "By raising over €5 billion today and, in particular, by selling long term government bonds, the NTMA has increased Ireland’s prospects of exiting the EU / IMF Programme of Assistance and returning to the bond markets on a permanent basis. However, I think two important points of caution should be noted.
"Firstly, the funds raised have come at a high price. In my view, the yield of 6.1% on the eight year Government bonds does not form a basis of a sustainable return to international debt markets. It should be borne in mind that the blended cost of long term funds available under the EU / IMF Programme is a little under 3.5% at the present time. If we are to end our reliance on official funding, the cost of funds on the markets will have to fall further over the period ahead.
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"The NTMA's activities on the bond markets today should be viewed as a measured movement in the right direction rather than being heralded as an unquestionable success. The Government now needs to build on the outcome of today’s bond sale and secure a deal at EU level that improves our debt sustainability. The bottom line is that such a deal would enhance our prospects of bringing about economic recovery and making life that bit easier for ordinary Irish people," Deputy McGrath concluded.
(CD) |
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