Bloomberg News

Noonan Says Ireland Sees Return to Bond Markets Mid-2013

September 25, 2011

(Updates with comments from Noonan in first paragraph.)

Sept. 25 (Bloomberg) -- Ireland’s Finance Minister Michael Noonan said the deposit position of Irish banks covered by government guarantee has “stabilized” and his nation hopes to return sovereign bond markets in 2013.

“I would hope they will put a toe in the water by next summer to see what the possibilities are and how the pricing would be,” Noonan said today in response to an audience question following a speech to a banking conference in Washington. “It’s our intention to be back in the markets in the middle of 2013.”

Noonan said the recent reductions in bond yields were a “strong endorsement” of the cash-strapped government’s policies and that data show the economy “has returned to significant levels of growth, albeit with sharply divergent sectoral trends.”

Ireland was forced to seek a rescue from the European Union and the International Monetary Fund in November as a banking crisis overwhelmed the government. The state hasn’t sold a benchmark bond since August 2010.

Noonan said investor sentiment toward Ireland has improved “noticeably,” and the nation will adopt “tough” budgets to reduce its deficit.

--With assistance from Meera Louis and Alaa Shahine in Washington. Editors: Paul Badertscher, Christopher Wellisz

To contact the reporter on this story: Eric Martin in Washington at emartin21@bloomberg.net Simon Kennedy in Washington at skennedy4@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net


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