Move by Fitch first euro zone upgrade - Noonan

The move by ratings agency Fitch to change Ireland’s status from negative to stable is the first upgrade of any euro zone country since the euro crisis began, said Minister for Finance Michael Noonan.

He acknowledged that “one swallow does not a summer make”, but there were a number of other measures this week, including Bank of Ireland and the EBS both going back to the market and raising “very significant funds”.

In addition, the telephone spectrum auction allowing for the introduction of next generation mobile services, “achieved a far higher price than was pencilled in”.

He confirmed The Irish Times report yesterday that budget cuts in December would not go beyond the planned €3.5 billion.

Fianna Fáil finance spokesman Michael McGrath welcomed the overall deficit reduction programme being on target, but said most people measured the strength of the economy by the number of jobs being created and the amount of disposable income in their pockets.