To believe many TV pundits the foreigners are listening and watching every twist and turn of our unfolding banking scandals.

But even if the foreigners were listening in last week they appear to have concluded that revelations of 'Golden Circles' in the nationalised Anglo Irish Bank have not increased the risk that Ireland will fail to pay back the sovereign bond debt or the bond debts held in the Irish banks.

Unfortunately, the perceived risk that Ireland will default over the next three years remains at a significantly high level.

The interest rate on Irish sovereign debt last week fell significantly in the last five days, even as the political crisis about Anglo's share transaction last July deepened. On Friday, the interest rate on the Irish bond debt fell to 5.38% from 5.5% a week earlier. That leaves it significantly below the peak of 6%, the benchmark 10-year bond reached last month. Over in Germany, Berlin still only pays out 3% to raise money over 10 years from abroad.

On the Credit Default Swaps (CDS) markets, that determine the cost to holders of Irish debt, Ireland maintains its relatively high ranking of 30th place in the league table of the most risky – alongside Poland, Peru, China, Michigan state and Abu Dhabi. New York state and the Czech Republic were perceived last week as slightly less riskier borrowers than Ireland, according to the CDS markets.

At the top end of the table of the most risky, the focus still rests on eastern EU countries, such as Bulgaria, and aspirant EU member Croatia, because of their banks debts and sovereign debt borrowings.