THE AMOUNT OF interest that Ireland is paying on part of the EU/IMF bailout is set to fall.

The International Monetary Fund said the changes were a result of previous agreements and said that it was not any change in policy, Bloomberg reports.

With this agreement taking effect the average interest rate “at the peak level of access” under the loan of €22.5 billion will be 3.04 per cent on credit that is outstanding for less than three years. This is a fall in the interest rate of 0.13 per cent.

The rate on loan repayments outstanding longer than three years will be 3.85 per cent.

The changes come as a result of agreements that were made in 2008 that effectively boost Ireland’s say at the IMF and gives the nation greater access to financing.

The Wall Street Journal (subscription) reports that the fall follows an initial 50 per cent rise in Ireland’s contribution to the IMF.

The announced changes also come on the day that incoming Taoiseach Enda Kenny travels to Finland to meet with European leaders in Helsinki.

Discussions regarding the EU/IMF bailout are expected to take place.