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Ireland Still Needs Euro-Zone Deal, Official Says

29 July 2012

By EAMON QUINN

DUBLIN—Ireland will need some sort of euro-zone deal to relieve its huge banking debts for it to make further progress toward securing a permanent return to capital markets, the head of the National Treasury Management Agency, the country’s debt office, said Sunday.

The Irish government last week hailed as a significant step its first sale of long-term debt since escalating bank-rescue costs forced it to embrace an international bailout nearly two years ago. Ireland raised more than €5.2 billion by selling bonds at an average 5.95% rate.

National Treasury Management Agency Chief Executive John Corrigan told Irish broadcaster RTE Radio on Sunday that “hopefully” the country will sell more debt at lower yields if the country benefits from a deal on the debts it incurred in saving its banks….”