Ireland will still need ECB help in 2013, according to NCB report

Stockbrokers NCB announced on Tuesday that Ireland could require further financial assistance after 2013 to raise funds.

The newly released report says the country could still find it difficult to shrug off external aid, even after 2013.

"Our central view is that Ireland will need EU help to raise funds," the report said.

Brian Devine, an economist at NCB, believes it will be difficult for Ireland to return to the market due to the recent period of prolonged economic and political uncertainty.

The NCB did not rule out a restructuring of the current debt but said it would be used as a last resort. Any significant changes to the Irish bailout will come only in the form of how budgetary adjustments are achieved, it continued.

In brighter news Ireland’s competitiveness has improved over the period of the economic downturn the report added, with foreign direct investment increasing significantly in 2010.

The report also stressed that Ireland would need to sell semi-state companies to help the State finances.