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The international monetary fund said that Ireland did not request financial assistance and that the relationship was "normal".?Photo: Paul Grover

Cost Ireland borrowing has propelled at its highest level since the launch of the euro in 1999 after a dramatic sell-off by carriers and banks.

Ten-year bond yields hit 8 64pc Wednesday, increasing more than one half point pourcentage.Le predatory was triggered by a call cash estimated billion $ (￡ 620 m) by a Wednesday morning clearing house.

The move has increased concerns that the Irish Government is obliged to seek outside help to assist in refloating the banks in the country.

On Wednesday evening, the international monetary fund said that Ireland did not request financial assistance and that the relationship was "normal".

Patrick Honohan, the Irish Central Bank Governor said that bond markets are over reacting to problems of the Ireland.

"I think that what we see in the bond markets reaction delayed for bond markets have not been focuses on issues... at this preliminary stage they are probably greatly overstate the problems associated with that."

He also stated that there is no reason that Ireland will not be able to resume the bond markets in 2011 as his Government intensifies austerity measures to reduce its budget deficit and to restore the confidence of investors.

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