For the first time ever investors are paying Ireland to lend money to the country on a medium-term basis.

The National Treasury Management Agency today borrowed money at a negative yield, or interest rate, of -0.009%.

Normally investors are paid interest when they lend a country money, however abnormally low interest rates have resulted in money being raised at 0% or sometimes at a negative interest rate.

The NTMA said €500m worth of a medium term bond, maturing in 2022, was sold at a yield of -0.009% today.

The agency also sold €250m of a bond maturing in 2045 at a yield of 1.953%.

Both auctions were oversubscribed, the NTMA noted.

So far, the NTMA has issued €9.5 billion in bonds, from its stated target range of €9-€13 billion for the full year.

The NTMA has in the past also borrowed money on a short term basis with negative yields.