An influential magazine has named Michael Noonan as the best Finance Minister in the European Union. The Financial Times 'Banker' Magazine says Noonan has helped to engineer the Irish economic recovery.
It says Ireland has made "extraordinary progress" at rebuilding the economy and returning to the bond markets.
The same magazine named Brian Lenihan as the worst Finance Minister in the EU four years ago.
The publication says that "having inherited an economy in recession and a government reliant on an International Monetary Fund (IMF) and EU bailout" that Mr. Noonan has made "extraordinary progress".
It adds that key to our bailout exit was our successful re-entry into global capital markets.
The National Treasury Management Agency (NTMA) yesterday raised €3.75 billion in an auction, after investors offered to lend Ireland nearly four-times more than it was asking for.
Mr. Noonan said yesterday "The level of demand for (the) sale with some €14 billion of orders shows that the Government’s decision to exit the EU – IMF Programme without a precautionary credit line has built strong confidence amongst investors".
The economy has added 1,000 net new jobs every month for the past 15 months, and the government forecasts 2% economic growth in 2014.
"The Irish government has also made strides in reprivatising bailed-out financial sector assets, including the sale of the insurance arm of Irish Life and Permanent, together with contingent convertibles and preference shares issued to the government by Bank of Ireland" the publication adds.
