This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 17 °C Tuesday 11 August, 2020
Advertisement

Eurozone bailout fund gives Ireland seven more years to repay loans

Good news for Michael Noonan this morning…

Image: Laura Hutton/Photocall Ireland

A EUROZONE BAILOUT fund has formally agreed to extend the maturities on a portion of Ireland’s bailout loans giving the State an extra seven years to repay money owed.

The EFSF’s board of directors today agreed to extend the time allowed to repay loans from its facility – which is funded by the 17 states who use the euro – for both Ireland and Portugal by up to seven years.

Ireland has currently drawn down €13.5 billion in loans from the EFSF, with an average maturity of 11.9 years.  This will now be extended to nearly 19 years with the State getting until 2023 to start repaying the loans.

In total Ireland will get €17.7 billion from the EFSF as part of its €85 billion bailout programme. For Portugal the EFSF has committed €26 billion, a third of its €78 billion programme.

Last week both countries got formal approval from the 27-member European Financial Stability Mechanism (EFSM) to extend loans from there – amounting to €21.7 billion in the case of Ireland – by seven years.

Finance Ministers formally agreed to extend the repayment date of Ireland and Portugal’s loans back in March and but the measure was only formally approved at meetings held in Luxembourg last week.

More: Ireland gets another seven years to repay its European bailout loans

#Open journalism No news is bad news Support The Journal

Your contributions will help us continue to deliver the stories that are important to you

Support us now

  • Share on Facebook
  • Email this article
  •  

About the author:

Hugh O'Connell

Read next:

COMMENTS (40)