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How much has Ireland paid Britain in interest on bailout loans?

Hint: Not enough to buy Gareth Bale.

IRELAND HAS PAID the British government over £67 million in interest eight tranches on money received as part of the bailout.

Ireland began paying the interest on the £3.2 billion loans in December 2011, having received the funding as a bilateral loan in 2010.

The latest report by HM Treasury shows that Ireland was two days late with two payments – but only because the repayment dates fell on Saturdays.

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The loan was disbursed in eight tranches, with the last coming on 26 September. The final loan will mature on 26 March 2021, with the first set to mature on 15 April 2019.

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Ireland will make interest repayments twice a year – on 15 June and 15 December- until the loans are paid off. As of the end of September, the country owes Britain £21.6 million in interest.

Due to a lowering of the interest rate in October of last year, Ireland received a discount of £7.6 million in the December 2012 repayment.

Ireland has yet to begin repaying the principal on the loan, with the full £3.2 billion outstanding.

Read: IMF want Ireland to ‘continue track record’ of budget cuts

Read: Ireland set to receive €770 million after passing eleventh IMF review

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