Irish governor bemoans sustained large sovereign spread

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The governor of the Central Bank of Ireland, Patrick Honohan, has lamented the size of the Irish sovereign spread as "poor reward" for the country's fiscal discipline.

Irish sovereign spreads – 300 basis points at the longer maturities – are no longer "bloated" by redenomination risk, but are still inflated by a credit risk premium, Honohan said yesterday (January 8).

Honohan remained upbeat about the impact of the European Central Bank's outright monetary transactions (OMTs), and noted sovereig

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