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RATINGS AGENCY MOODY’S has given Ireland its second upgrade in a year.
It wasn’t a totally unexpected move: yesterday, we reported how it Moody’s looked set to upgrade Irish debt up two notches, from Baa3 to Baa2, with a stable outlook.
That’s still one notch below where other agencies – like Standard & Poors and Fitch – rate this country’s treasury bills.
Danske Bank analyst Owen Callan said yesterday that Moody’s is “catching up with realities in general on the ground. Clearly they had a change of heart on how they view the eurozone overall.”
The agency had been criticised for how slow it was to upgrade its rating of Irish government debt.
This evening, the National Treasury Management Agency welcomed the decision, with NTMA Chief Executive John Corrigan saying:
Moody’s upgrade means that all of the three main rating agencies now have Ireland rated at BBB+ (or equivalent), which clearly ranks Ireland as an investment-grade credit and reflects the confidence in Ireland shared by investors generally.
He said the news is also positive for the remainder of the NTMA’s funding programme in 2014 which is already more than 80 per cent achieved.
“I am pleased to note that one of the main drivers for today’s upgrade was the sharp reduction in Government contingent liabilities due in part to the accelerated asset sales by NAMA,” he said.
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if the banks are insisting on hoarding it take it back and give it to me, i’ll spend it all!!
Taoiseach the Irish Bank are still not lending , not interested in SME or individuals , even though you have set up various devices . Our Government and the Irish People are being ignored the banks are hoarding cash and this is their unofficial policy !
Or they could give every EU citizen €1,000
Austrian Central bank governor, ” ECB has a problem with addicted banks”.
http://investmentwatchblog.com/nowotny-says-ecb-has-problem-of-addicted-banks/
The massive liquidity injections by Western Central banks (including todays ECB injection) are resulting in privations for the worlds poorest. Huge flows of cash from western nations are finding their way to emerging markets with inflationary effects. This is forcing up the price of basic commodities for the worlds poorest.
http://m.guardian.co.uk/business/2011/jun/29/how-world-paid-hidden-cost-america-quantitative-easing?cat=business&type=article
They are amoral Sean.
New cash?…my arse! Another €530 billion of computer generated money that we, the citizens of Europe will pay back in cash. Only then does that computer money become cash, and the gangsters at the top are wiping their arses with €50 notes!
if they’re hoping the banks will pass it on..they have a very questionable hold on reality.
All i need is 0.00008% of that and I’m sorted!! Back in the black.
So the Central Bank is HOPING that the extra money will be passed on?!?! Pull the other one. This press release is trying to make it seem like the ECB care about money being passed on,in loans. They don’t! They only care about what they can squeeze out of the countries they are supposed to be helping.
It’s a bit like the Irish government, HOPING that interest rate cuts will be passed on to customers!
have your say