Ireland is not far behind: it has sold euro 10 billion of bonds out of a gross borrowing requirement of around euro 25 billion.

Ireland has already raised enough money to finance this year's borrowing requirement (it will spread the cost of bank bail-outs over several years) and has a big cash buffer besides.

If the transfer does not meet this requirement, the two parties to the transaction must account for the transfer as a secured borrowing with a pledge of collateral.