Forex Flash: S&P affirms stable outlook for Ireland – Deutsche Bank (Barcelona) - According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, it was recently reported that banks in the EU may need to comply with liquidity coverage rules sooner than in other parts of the globe – Ireland, which holds the rotating presidency of the EU, is pressing for an agreement to have the rule take full effect on January 1, 2018, a year ahead of a deadline set just last month by global central bank chiefs.

On the topic of Ireland, the S&P revised the country's BBB+ rating outlook to stable following the government's decision to exchange promissory notes provided to IBRC for longer-term Irish government bonds. S&P says that the move will reduce the government's funding requirements and funding costs, and increases the likelihood of a full return by Ireland to private financing at the end of 2013.