The National Treasury Management Agency issued €500 million worth of three-month treasury bills this morning, with an annualised interest rate of 0.24 per cent.

Bid cover came in at 3.4 as the total amount of bids received came to €1.706 billion.

A previous three-month auction took place in February and had an average yield of 0.24 per cent and a bid cover of 3.3.

Bid cover ratios since Ireland’s return to treasury bill auctions last July has varied from 2.8 times to 4.1 times.