Ireland is a step further to exiting its EU/IMF bailout programme on time next year, having passed the eighth quarterly review of the programme by the troika of the European Union, International Monetary Fund and European Central Bank. It is also reported that the government is in talks with the Troika about securing a deal to reduce the burden of debt associated with the recapitalisation of the banking sector.

There has been an increase in activity in Irish debt. Indeed, it is reportedly expected that Ireland will make a full return to the international bond markets next year. The rating’s agency Fitch has revised its Outlook on Ireland rating to stable from negative, reflecting Ireland’s continued progress with its fiscal consolidation, external adjustment and economic recovery, as well as its improved financing options.  Other positive indications on the Irish debt outlook were reportedly made by an analyst with rival rating agency, Moody’s. The revised Fitch rating came after the National Treasury Management Agency successfully sold €500 million worth of Treasury Bills, the fourth sale of Treasury Bills since the NTMA began issuing them again after an absence of almost two years from the bond markets. It is reported that top US investment manager, Michael Hassenstab now controls funds holding more than 10% of Ireland’s debt to private lenders.