Dáil Éireann Debate, Tuesday - 26 June 2012
175 Deputy Michael McGrath asked the Minister for Finance the current repayment schedule and interest rate applicable for each tranche of loans under the EU-IMF programme; and if he will make a statement on the matter. [30779/12]
Amharc ar fhreagraUnder Ireland's EU-IMF Programme, which is due to expire at the end of 2013, a total of €67.5 billion in loans will be provided from EU facilities, bilateral loans and the IMF. At the 15th of June 2012, Ireland's liabilities under the EU/IMF Programme amount to €51 billion.
In relation to the current repayment schedule and interest rate applicable for each tranche of loans under the EU-IMF programme, the table below, supplied by the NTMA, provides the information for all amounts outstanding as at 15th June 2012.
|
Lender |
Nominal Loan Amount1 |
Date of Draw Down |
Maturity Date |
Term from Date of Drawdown |
Interest Rate |
|
European Financial Stabilisation Mechanism (EFSM) |
€5.00 billion |
12-Jan-11 |
04-Dec-15 |
4.9 yrs |
2.50% |
|
€3.40 billion |
24-Mar-11 |
04-Apr-18 |
7 yrs |
3.25% |
|
|
€3.00 billion |
31-May-11 |
04-Jun-21 |
10 yrs |
3.50% |
|
|
€2.00 billion |
29-Sep-11 |
04-Sep-26 |
14.9 yrs |
3.00% |
|
|
€0.50 billion |
06-Oct-11 |
04-Oct-18 |
7yrs |
2.38% |
|
|
€1.50 billion |
16-Jan-12 |
04-Apr-42 |
30.2yrs |
3.75% |
|
|
€3.00 billion |
05-Mar-12 |
04-Apr-32 |
20.1yrs |
3.38% |
|
|
EFSM Total |
€18.40 billion |
11.8yrs weighted average life |
|||
|
European Financial Stability Facility (EFSF) |
€4.19 billion2 |
01-Feb-11 |
18-Jul-16 |
5.5 yrs |
2.75% |
|
€3.00 billion |
14-Nov-11 |
04-Feb-22 |
10.2yrs |
3.60% |
|
|
€1.27 billion |
12-Jan-12 |
04-Feb-15 |
3.1yrs |
1.73%3 |
|
|
€0.48 billion |
19-Jan-12 |
19-Jul-12 |
0.5yrs |
0.37%3 |
|
|
€1.00 billion |
15-Mar-12 |
23-Aug-12 |
0.4yrs |
0.29%3 |
|
|
€2.80 billion |
03-Apr-12 |
03-Apr-37 |
25yrs |
Floating Rate4 |
|
|
EFSF Total |
€12.74 billion |
10.1yr weighted average life |
|||
|
United Kingdom Bilateral Loan5 |
€0.50 billion |
14-Oct-11 |
14-Apr-19 |
7.5yrs |
4.72% |
|
€0.50 billion |
30-Jan-12 |
30-Jul-19 |
7.5yrs |
4.29% |
|
|
€0.50 billion |
28-Mar-12 |
28-Sep-19 |
7.5yrs |
4.44% |
|
|
UK Total |
€1.50 billion |
7.5yrs weighted average life |
|||
|
Sweden Bilateral loan6 |
€0.15 billion |
15-Jun-12 |
15-Dec-19 |
7.5yrs |
Floating 3 mths Euribor +1% |
|
Sweden Total |
€0.15 billion |
7.5yrs weighted average life |
|||
|
Denmark Bilateral Loan6 |
€0.10 billion |
30-Mar-12 |
30-Sep-19 |
7.5yrs |
Floating 3 mths Euribor +1% |
|
Denmark Total |
€0.10 billion |
7.5yrs weighted average life |
|||
|
International Monetary Fund7 |
€6.040 billion |
18-Jan-11 |
Amortising: 18 Jul 2015-18 Jan 2021 |
||
|
€1.699 billion |
18-May-11 |
Amortising: 18 Nov 2015-18 May 2021 |
4.5 -10 yrs |
Floating Rate |
|
|
€1.589 billion |
07-Sep-11 |
Amortising: 07 Mar 2016-07 Sep 2021 |
|||
|
€3.987 billion |
16-Dec-11 |
Amortising: 16 Jun 2016-16 Dec 2021 |
|||
|
€3.357 billion |
29-Feb-12 |
Amortising: 31 Aug 2016-28 Feb 2022 |
|||
|
€1.435 billion |
15-Jun-12 |
Amortising: 15 Dec 2016-15 Jun 2022 |
|||
|
IMF Total |
€18.11 billion |
4.5 — 10yrs |
|||
|
Overall Total |
€51.0 billion2 |
9.7yrs weighted average life |
Notes
1. Non-euro liabilities are translated into euro at the rates of exchange at 15th June 2012. The net euro amount received by the Exchequer was €49.4 billion after adjustment for below par issuance and deduction of a prepaid margin (Note 2), and also reflect the effect of foreign exchange transactions. Non-euro liabilities have been locked-in, as appropriate, in order to remove exchange rate risk.
2. A prepaid margin of €0.53 billion was deducted from the loan of €4.19 billion drawdown on 1 February 2011 giving a net liability of €3.67 billion. This margin prepayment will be refunded to Ireland in 2016. The total liability of €50.46 billion included in the National Debt (€130.1 billion at 15th June 2012) takes account of this reduction.
3. Short Term EFSF Funding of €1.48 billion maturing in 2012 is due to be replaced by longer term funding at a floating interest rate. The EFSF loan of €1.27bn maturing in 2015 is also subject to rollover at a floating rate.
4. The EFSF funding provided to Ireland under pooled issuance comes from a variety of fundings, and the EFSF will confirm the interest rate cost related to each loan coming from the pool on every interest payment date.
5. The Interest rates on the UK bilateral loans are subject to a reduction pending the signing of an amendment to the legal agreement. The reduction is estimated, at this stage, to be about 1.5%. Rate shown is an annualised rate.
6. The current rate on the Denmark bilateral loan is 1.787%. This rate resets every 3 months and is due to do so on 29th June 2012. Similarly, the Sweden bilateral loan is a floating rate loan which resets every 3 months. The current rate of 1.337% applies for a 2 week initial period.
7. The interest rate charged by the IMF 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 25 June 2012 the SDR interest rate accruing on Ireland's IMF loans is 0.12% and the surcharges are 2.50% making a total of 2.62%.
