Bernard Durkan
Question:70. Deputy Bernard J. Durkan asked the Minister for Finance the interest rates at which Ireland borrowed in 2011; and if he will make a statement on the matter. [10211/19]
View answerThursday, 28 February 2019
Questions (70)
Written answers
To grant context to my response, I feel it appropriate to highlight that funding from the EU/IMF Programme replaced Ireland’s long-term bond issuance in 2011.
Therefore, while the National Treasury Management Agency (NTMA) maintained a continuous, albeit limited presence in short-term markets in 2011, the focus of this response is on the funding sourced under the EU/IMF Programme.
During 2011 drawdowns from the European Financial Stabilisation Mechanism (EFSM), the European Financial Stability Facility (EFSF), the International Monetary Fund (IMF) and the first tranche of the UK bilateral loan totalled just under €35 billion.
As outlined in the NTMA Results and Business Review 2011 which was published in January 2012, the average interest rate on this borrowing was 3.7% following hedging operations by the NTMA to protect against currency and interest rate risk.