Dr Michael Somers, director at the National Treasury Management Agency (NTMA), has admitted Ireland's AAA rating has effectively been lost already, at least based on the price Irish bonds have been trading at in the market.

"Our bonds are not trading as AAA bonds, I am not telling you any secret saying that,'' Somers, who heads Ireland's attempts to continue borrowing on the international markets, admitted.

"We do not wish to be downgraded and we'll do whatever we can to prevent it,'' said Somers, who believes Ireland's debt:GDP level remains manageable.

During a segment of a Bloomberg interview recorded last week, which was not included in news stories, he said it was clear to most people that Irish bonds were not trading in the range normally reserved for AAA-rated sovereigns.

Somers declined to say what the immediate effect would be if the AAA rating is lost.

The main ratings agencies currently have Ireland on "negative watch'' pending the 7 April budget.

Somers, Ireland's most experienced treasury manager, said the NTMA was halfway to closing out its 2009 funding requirement.