Ireland urges ECB to commit to bond-buying Dublin has asked the European Central Bank to commit to buying Irish government bonds to help smooth the country's exit from its international bailout at the end of next year. Michael Noonan, Ireland's finance minister, said on Thursday the government had asked its international lenders to outline "confidence-building measures" to drive down Irish bond yields as it prepared its long-term return to markets. "One of these is a statement from [ECB president Mario] Draghi that Ireland could avail of his bond-buying programme," he said after meeting ECB, European Commission and International Monetary Fund officials at the end of the eighth review of Ireland's bailout programme. Mr Noonan said it had been estimated gaining access to the ECB's bond-buying programme could reduce Spanish bond yields by as much as 200 basis points. He said a similar fall in Irish bond yields would bring the country's long-term borrowing rates down to sustainable levels equivalent to the level of its bailout loans. He said he hoped Dublin would not have to use any of the agreed exit measures. Dublin was forced into a bailout in November 2010 following a banking crisis that cost the state €64bn. It hopes to be the first eurozone country to exit its programme and has asked its lenders to draw up a report by Christmas on options to help it regain market access. The troika of international lenders said on Thursday that Dublin remained on track to meet its fiscal targets despite cost overruns in some areas such as health and social welfare. "Policy implementation remains steadfast despite the challenging external environment, helping Ireland to start to regain market access," said the troika in a statement. Yields on Ireland's benchmark eight-year bonds have fallen below 5 per cent since the summer amid hopes that the EU will agree to restructure Ireland's €64bn bank debt. This has enabled Dublin to return to international bond markets to raise long-term debt to cushion its exit from its bailout in 2014. Mr Noonan said Dublin was negotiating hard to persuade the EU to agree a deal on the country's bank debt but insisted Ireland would be able to exit its bailout programme regardless. "I am very confident we will exit the programme in all circumstances - the variable is the interest rate," he said. Craig Beaumont, IMF mission chief for Ireland, said failing to deliver a deal on Ireland's bank debt would be "disappointing" and may prove a missed opportunity for a much-needed success in Europe. The IMF said it was reducing its 2013 economic growth forecast for Ireland to 1.1 per cent, down from 1.4 per cent. This reflected lower growth for Ireland's main trading partners and a downward revision in domestic demand.