The National Treasury Management Agency (NTMA) has sold €500 million of six months treasury bills at a yield of - 0.03 per cent.

The sales shows investors are paying to lend short-term money to Ireland, as interest rates are negative on six month borrowing.

The auction follows last week’s sale of seven-year bonds, at a yield of 0.81 per cent, which raised €750 million.

The NTMA had already raised €10.25 billion this year out of a total targeted fund-raising of €12 billion to €15 billion.

Most of the money raised to date has been for longer maturities - including €4.5 billion raised in a new 30-year bond.