- Moody’s ratings agency has upgraded Ireland’s long-term sovereign rating to A3 from Baa1 with a positive outlook. The results of Moody’s latest review were scheduled to be released on Friday 13th of May but there was a slight delay in Moody’s announcement. The upgrade represents an improvement of one notch on the Moody’s scale.
Commenting on the NTMA’s auction of 6 year bonds, Minister for Finance Michael Noonan T.D. said:
“I welcome very much this sale of €750 million in government bonds at a yield of 0.157% and with 2.6 times the amount of offers needed to fulfil the auction.”
Commenting on the details of the AIB interest rate decision, Minister Noonan stated:
- An Exchequer deficit of €1,055 million was recorded at end-April compared to a deficit of €2,319 million in the same period last year. The year-on year improvement is primarily driven by increased tax revenues.
- The Returns show that at end-April, tax receipts continue to perform as expected, with cumulative tax receipts up 3.5% or €475 million against profile.
Update to Ireland’s Stability Programme shows best way to plan for risk is to aim for growth
- As part of the process of budget monitoring across the EU (known as the European Semester), each EU member state submits a Stability Programme Update (SPU) to the European Commission in April of every year.
- By deciding to submit this update the Government is complying with EU rules.
Minister for Finance improves funding available to Ireland’s filmmakers
Commenting on today’s Bond Sale of €750m by the NTMA, the Minister for Finance, Michael Noonan T.D. said:
“Not only did the bond sale today successfully raise €750m, but also we saw about a 0.3% decrease in yield compared to a comparable auction in January 2016.”
- Revenue and Expenditure results for Quarter 1 are generally in line with expectations
- Tax Revenues are up 1.1% on profile and up 6.4% on a year on year comparison while Gross Voted Expenditure is down 0.1% on profile and down 0.3% on a year 0n year basis.
- Revised forecasts will be available as part of the Stability Programme Update.