Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Bailout

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.

image

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.

image

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

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
75
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.