The European Commission is likely to give its blessing to the Nama and the restructuring plans of the Irish banks "in a few weeks", according to the sovereign debt expert on Ireland and Greece at credit ratings agency Fitch.

Chris Pryce said the decision has taken much longer than the ratings agencies were given to believe but that he "fully expected" the EC would support the Nama plan.

"At the moment it is on the back burner and people would feel just a little bit more confident if they knew the way things were going with Ireland if the EU came out with support for Nama and the restructuring," he said.

"If Nama is approved then the individual bank plans will fall into place," he added.

On Greece, Pryce said markets were watching the partners in the governing German coalition to see if Germany will honour its commitment to support Greece.