I propose to take Questions Nos. 95, 99 and 131 together.
On January 5th the EFSM launched a five year bond, of which it sold €5 billion. These funds were raised at a cost of 5.51% to Ireland. Ireland will be in receipt of this on January 12th. A receipt equivalent to about €5.8 billion is expected from the IMF on January 18th. The cost of these funds will depend on market conditions when the funds are drawn down. Further drawdowns from the IMF of about €2.1 billion per calendar quarter are scheduled during 2011, starting in March. Each of these drawdowns will be subject to Ireland's preceding quarterly review by the EU-IMF.
The EFSF is likely to access the bond markets on behalf of Ireland towards the end of January and the EFSM is expected to similarly access the markets later in the first quarter. In broad terms, the amounts drawn down from each of the three external sources are intended to be roughly equal over the course of the year. The timing of the EFSM and EFSF receipts are subject to the market entry strategies of these bodies and discussions with the Irish authorities. Funding from the UK is likely to commence in the third quarter of 2011 and discussions are ongoing as to the drawdown schedule. The rate of interest is expected to be about 5.9 per cent, based on current market conditions.