BY THE IRISH INDEPENDENT – BOND YIELDS / NTMA /
THE head of the country’s debt agency warned yesterday that a number of milestones would have to be passed before the rate of interest demanded by investors for Irish Government bonds narrowed.
John Corrigan, the chief executive of the National Treasury Management Agency (NTMA), said three issues would calm market jitters:
Decisions on the rolling over of existing loans by the Irish banks by the end of September,
- Clarity over final cost of bailing out Anglo Irish Bank,
- The upcoming Budget.
Speaking at a ‘Confidence in the Media’ conference in Dublin, Mr Corrigan said market concerns about the imminent funding challenges facing Irish banks were overdone.
He added that the authorities stand ready to make up any shortfalls.
“We’ve characterised concerns around this like the millennium bug,” Mr Corrigan said.
“We all thought the planes were going to fall out of the sky, the trains were going to stop, the clocks weren’t going to work,” he said.