Dáil Éireann Debate, Tuesday - 11 July 2023
192. Deputy Catherine Murphy asked the Minister for Finance the number of bilateral loans Ireland has with the UK; the amount outstanding per loan; the original principal sum per loan; the interest rate per loan; the way in which these loans with be settled in the context of Brexit; the preparedness of the State regarding Brexit in the context of outstanding bilateral financial commitments; and if he will make a statement on the matter. [33624/23]
View answerIreland has no bilateral loans with the UK. By 26 March 2021, Ireland repaid, on schedule and in full, the bilateral loan with the UK which was linked to the EU/IMF programme of financial assistance. Ireland borrowed a total of £3.23 billion pounds from the UK under this bilateral loan agreement. The loan was disbursed in eight equal tranches of £403 million pounds over the period October 2011 to September 2013, with each tranche becoming repayable 7.5 years after disbursement. To allow for budget certainty for both Ireland and the UK, interest was paid at a fixed rate that represented the UK’s cost of funding plus a service fee of 0.18 percentage points. The UK's decision to leave the European Union was not a factor in the repayment of this loan, which is now repaid in full in accordance with the agreed schedule.
