Dáil Éireann Debate, Tuesday - 28 January 2014
214. Deputy Michael McGrath asked the Minister for Finance if Ireland is permitted to repay its loans early under the EU-IMF programme; the rules that apply to early repayment; and if he will make a statement on the matter. [4167/14]
Amharc ar fhreagraIt would be possible for Ireland to make early repayment of the EU/IMF funding. However, each source of funding forms an integrated part of our EU/IMF programme funding (totalling €67.5 billion), and as such cannot be separated out from the funding received from our other programme partners. The question of early repayment of any one lender cannot therefore be treated in isolation from other lenders and market expectations for when programme loans are due to be repaid.
The early repayment of, for example, IMF funds would trigger automatic mandatory proportional early repayments to the EFSF, EFSM, United Kingdom, Kingdom of Sweden and Kingdom of Denmark. This would apply in respect of each of the programme funding partners.
