Oireachtas Joint and Select Committees
Thursday, 22 November 2012
Public Accounts Committee
2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
12:00 pm
Mr. John Corrigan:
Markets behave in a forward-looking manner. The price formation mechanism that results in our bond yields being where they are reflects the market's optimism that Ireland will emerge from the programme. This comes back to the earlier conversation with Deputy O'Donnell. Spain is only starting out on a journey that we started back in 2009. We all know the pain and grief we suffered and which we continue to endure. The market is looking at that and this is what accounts for the difference in the yields.