The National Treasury Management Agency has successfuly sold €500m worth of three month Treasury Bills.

The yield for the bills was 0.7%. That compares to a yield of 1.8% on similar three month bills sold in July.

Today's auction was oversubscribed by three times with bids of over €1.5 billion placed. 

Finance Minister Michael Noonan has welcomed today's successful sale.

"Todays's successful sale at a yield of 0.7% and a cover of three times is an excellent result and marks a significant improvement on the previous yields of 1.8% in July,'' the Minister said.

''This results builds upon the NTMA's return to markets this summer and once again highlights the improvement in market sentiment towards Ireland. It is clear that the markets are reacting very positively to the June commitment and positive developments in Europe," he added.