Noonan: Two banks have returned to money markets, two years early
Finance Minister Michael Noonan has revealed that two Irish banks recently returned to the global money markets and borrowed money at "reasonable rates", two years ahead of schedule.
However, the Minister also warned that Ireland would not be immune if the global recovery were to stall.
Speaking before an Oireachtas Finance Committee, Mr Noonan insisted that while volatility remained, there were many positive signs in the economy.
He said the public finances were also on track, with exchequer returns to be published tomorrow evening to show income and expenditure meeting targets.
He warned that there were tough budgets ahead nonetheless, and that it was too early to be sure the worst is over.
"We must build on the positive momentum to ensure we continue to get ourselves back on track," he said.
"Our deficit remains unsustainably high and economic recovery alone will not be sufficient to correct this.
"Expenditure reductions and revenue increases will also be required in the forth-coming and future budgets."
He said that external risks had increased in recent weeks and that these uncertainties added to the complexity of policy-formation here.
