Europe News

Ireland Finance Minister: We don’t need more money

CNBC with Reuters
Ireland's reputation is 'very high': Fin Min
Ireland's reputation is 'very high': Fin Min

Ireland's Finance Minister Michael Noonan has told CNBC that the country will not issue debt until the next year because it "doesn't need any more money."

Speaking to CNBC at a meeting of euro zone finance ministers in Brussels, Noonan said Ireland's National Treasury Management Agency (NTMA) would return to the international debt market early next year.

"We didn't need any more money for our cash buffers… But the NTMA will be back in the markets in either late January or early February," Noonan said when asked why Ireland would not issue more bonds before the end of the year.

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Noonan added that he did not think Irish yields would continue to move lower in the next few months. The yield on the 10-year Irish government bond was 3.539 percent on Friday – compared to 15 percent at the peak of the euro zone debt crisis in 2011.

"They're very low now. They're lower now than they were when we were supposed to be having a booming economy - the so-called 'Celtic Tiger," Noonan said. "So I don't think there's an awful lot of room in the next couple of months for rates to tighten much further."

His comments come a day after the country opted to make a clean break from its 85 billion euro ($114 billion) EU/IMF bailout, forgoing a precautionary credit line and making Ireland the first euro zone country to exit its financial aid program.

(Read more: Ireland opts to exit bailout without back up credit line)

Noonan stressed that Ireland's reputation was "very high" in the international investment community - especially in London and New York.

"Foreign direct investment is at an all-time high in Ireland," he told CNBC. "We see a stream of foreign direct investment coming in."

Reuters contributed to this report.