The National Treasury Management Agency has today completed an auction of Irish Treasury Bills, selling the target amount of €750m.

The NTMA said that total bids received for the Treasury Bills amounted to €1.64 billion. which was more than two times the amount on offer. 

The bills, which have a maturity of five months, were sold at a yield of -0.57%.

Last week, the head of the agency tasked with managing the country's borrowing needs said it has the capacity and ability to borrow at very cheap levels in the coming years. 

But Conor O'Kelly also warned that it does mean a significant increase in the national debt.

Mr O'Kelly was speaking after the National Treasury Management Agency reached its target of €24 billion in borrowing for this year with the completion of the sale of two long term bonds yesterday at negative interest rates.

It means the investors that took on that debt are effectively paying the Government for holding it.