The Government is likely to accelerate its plan to repay International Monetary Fund loans following a successful bond auction today.

The National Treasury Management Agency earlier confirmed that it raised €3.75 billion in a syndicated bond sale.  

The money was raised by issuing a 15 year bond - the first time the NTMA has issued a bond of this duration since 2009. 

The auction took place to allow the NTMA to begin refinancing the first portion of its bailout loans from the International Monetary Fund with cheaper market funding. 

Speaking to Bloomberg television in Dublin today, the Taoiseach said this would now be done at a faster pace than previously signalled.

Mr Kenny said Minister for Finance Michael Noonan was confident the country could make an initial €10bn payment to the IMF - instead of the previously-planned €6bn.

He said the new plan would be brought to Cabinet shortly and hoped for "very positive progress by the end of the year".

The Government had previously estimated that it would save around €1.5 billion on debt servicing costs over the next five years by refinancing €18.3 billion of its IMF loans in three equal tranches between now and 2016. 

It has won agreement from Europe to pay the IMF before it repays aid from the European bailout funds. It just needs the new Swedish government to formally ratify the amended terms in parliament before the deal is fully signed off. 

Ireland, whose cost of borrowing 10-year money on secondary markets rose to a high of 15% at the height of the euro zone debt crisis in 2011, is fully pre-funded through to the end of 2016 after resuming regular bond auctions this year. 

With its economy outpacing the rest of Europe, Irish debt has been on a solid path towards catching up with France and Belgium - countries seen as safe bets when Dublin was shunned by the market three years ago. 

Ireland expects its economy to grow by 4.6% this year and the European Commission forecast today that it would grow faster that any other EU country this year and next. 

Citigroup, Danske Bank, Davy, Morgan Stanley, Nomura and Royal Bank of Scotland were joint lead managers on the sale.

More than €8 billion worth of bids were received, with interest coming from more than 250 accounts.