The government could not guarantee that €22bn was the last of the cash taxpayers would need to burn for Anglo Irish but the sovereign bond markets were pretty pleased with what they saw.

After Hungary and Portugal, sovereign interest rates here dropped the most in Europe last week, with Ireland's cost of raising money falling in a dramatic week by 13 basis points to 4.4%. The cost of Ireland borrowing for ten years is now exactly 1% less than a year ago.

Holders of Irish sovereign bonds know the government's purchase of the major bad property loans from the banks through Nama was mostly directed at assuaging their fears that Irish taxpayers would renege on paying back the bankers' private bond debt, now turned sovereign debt. With the private bond debt owed by Irish banks also guaranteed by Irish citizens since September 2008, the people who lend the government money now have a double security that they will get their sovereign loans repaid.

Chris Pryce, the influential watcher on Ireland for Fitch Ratings in London (he helps set Ireland's credit rating and keeps an eye on Greece too) said that despite the "disappointment" of Anglo, there was "no implication" for Ireland's credit rating "at this stage".

The investment world believes Ireland was doing "the right thing" and that "the government can be trusted to do the right thing," he told the Sunday Tribune. It also helps that there was no general election looming.

"But take my word for it: whatever government follows will do the same thing," added Pryce.