Lower State borrowing costs

Lower State borrowing costs a positive sign- Nolan

Labour T.D. for Galway West, Derek Nolan welcomed news that the State's borrowing costs fell yesterday.

"For the first time since the State was bailed out in November 2010, the five-year Irish Government bond yields fell to below 6 percent. This has brought the cost of borrowing to a record low, and is compared to a yield of nearly 18 percent last July.

"A bond yield of under 6 percent is very positive for Ireland and is recognised as a sustainable level for the government to fund itself without outside help. The National Treasury Management Agency (NTMA) has said that demand for Irish Government bonds has increased in recent days both internationally and domestically which bodes well for our economy.

"This comes amid talks between Ireland and EU officials on the possible easing of bank-related public debt. The difficulties faced by Ireland were put to both the President of the European Central Bank, Mario Draghi and EU economics commissioner Olli Rehn. They will consider the difficulties we are faced with and will produce a set of proposals in the coming weeks."