Michael Noonan says that 'things have settled down now in the eurozone and there is an expectation of stability continuing'
The Irish finance minister has claimed that outside investors are prepared to return to the eurozone, in a sign that a year of turmoil in the economic bloc may be coming to an end.
Speaking during a two-day visit to London, Michael Noonan said Ireland is more than halfway through exiting its European Union and International Monetary Fund-backed bailout and is confident it will beat its budget deficit target this year.
He said the €1.3bn (£1.1bn) sale this week of the state-rescued insurer Irish Life to Canadian life insurer Great West Lifeco was an illustration of how calm had been restored in the eurozone following last year's upheaval.
"The interesting thing is just 12 months ago, the same company was on the edge of closing a deal with the Irish government and problems began to become widespread in Europe and particularly situations in Greece became critical," Noonan said. "They backed off not because of anything to do with the Irish economy but because of the risk factor involved as they saw it in investing in anything to do with the eurozone and now, 12 months later, they are back.
"It also tells you something about the context of the Irish economy in Europe. Things have settled down now in the eurozone and there is an expectation of stability continuing and outside private investors are prepared to invest again."
He told an audience of Irish businesspeople he was absolutely confident Ireland could be weaned off EU and IMF support on schedule by the year's end.
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