Dáil Éireann Debate, Wednesday - 1 February 2012
48 Deputy Gerry Adams asked the Minister for Finance if he will provide details of the moneys drawn down to date from the EU-IMF programme, including the dates on which the draw-downs took place, the amounts drawn down on those dates, and the interest rates payable on those draw-downs. [5652/12]
Amharc ar fhreagraTo date, Ireland's nominal borrowings from the European Financial Stabilisation Mechanism and the European Financial Stability Facility under the EU/IMF Programme amount to €38.2 billion. The table below, provided by the NTMA, sets out the loans drawn down to date from each source under the EU-IMF programme of financial support for Ireland along with the interest rate for these loans. The interest rates reflect the interest rate margin reductions agreed in respect of loans from the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM).
|
Draw-down Date |
Maturity Date |
Interest Rate |
Currency Code |
Principal Currency |
|
Billion |
||||
|
01/02/2011 |
18/07/2016 |
2.75% |
EUR |
4.2 |
|
14/11/2011 |
04/02/2022 |
3.60% |
EUR |
3.0 |
|
15/12/2011 |
15/03/2012 |
0.32% |
EUR |
1.0 |
|
12/01/2012 |
04/02/2015 |
1.73% |
EUR |
1.3 |
|
19/01/2012 |
19/07/2012 |
0.37% |
EUR |
0.5 |
|
Total European Financial Stability Facility |
10.0 |
|||
|
12/01/2011 |
04/12/2015 |
2.50% |
EUR |
5.0 |
|
24/03/2011 |
04/04/2018 |
3.25% |
EUR |
3.4 |
|
31/05/2011 |
04/06/2021 |
3.50% |
EUR |
3.0 |
|
29/09/2011 |
04/09/2026 |
3.00% |
EUR |
2.0 |
|
06/10/2011 |
04/10/2018 |
2.38% |
EUR |
0.5 |
|
16/01/2012 |
04/04/2042 |
3.75% |
EUR |
1.5 |
|
Total European Financial Stabilisation Mechanism |
15.4 |
|||
|
18/01/2011 |
18/01/2021 |
Floating SDR + Surcharges |
XDR |
5.0 |
|
18/05/2011 |
18/05/2021 |
Floating SDR + Surcharges |
XDR |
1.4 |
|
07/09/2011 |
07/09/2021 |
Floating SDR + Surcharges |
XDR |
1.3 |
|
16/12/2011 |
16/12/2021 |
Floating SDR + Surcharges |
XDR |
3.3 |
|
Total International Monetary Fund |
11.0 |
|||
|
14/10/2011 |
15/04/2019 |
4.72% |
GBP |
0.4 |
|
30/01/2012 |
30/07/2019 |
4.29% |
GBP |
0.4 |
|
Total UK Bilateral Loan |
0.8 |
Note 1: The interest rate on IMF loans is variable. It is composed of a weekly setting of the IMF SDR interest rate and surcharges which are volume and time dependent. As of 30 January 2012 the SDR interest rate accruing on Ireland's IMF loans is 0.14% and the surcharges are 2.32% making a total of 2.46%.
This interest rate represents the unhedged cost of funds.
Note 2: XDR is the currency code used to denote the IMF's Special Drawing Rights (SDRs), an international reserve asset which is composed of a basket of currencies consisting of the euro, Japanese yen, pound sterling, and U.S. dollar.
Under Ireland's EU-IMF Programme a total of €67.5 billion in loans will be provided from EU facilities, bilateral loans and the IMF.
Total disbursements from the EFSF/EFSM will amount to €3.3 billion in January 2012.
The schedule of future disbursements is kept under constant review and is the subject of discussion at each quarterly review. Disbursements take place following the completion of the review process, with the approval by EU Finance Ministers at Eurogroup and ECOFIN and the IMF's Executive Board, of the reports prepared, respectively, by the European Commission Services and IMF staff. The actual disbursements take place in the period following approval.
The next planned disbursement from the IMF will be approximately €3.2 billion and is scheduled to take place, subject to approval, after their Executive Board meeting on February 27th.
The second disbursement of approximately €482 million under the bilateral loan agreement with the UK took place on 30 January 2012.
Subject to signature of the bilateral loan agreements with Sweden and Denmark, the first disbursements of €0.2 billion and €0.1 billion respectively are due to be drawn down following this review.
