Dáil Éireann Debate, Thursday - 30 November 2017
73. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he expects the EU to support the State's strategy in relation to the repayment of debt and loans outstanding from the economic crisis; and if he will make a statement on the matter. [51321/17]
Amharc ar fhreagraAs I announced on 7 September 2017, Ireland intends to repay early and in full the outstanding Programme loans from the IMF (circa €4.6 billion), Sweden (€0.6bn) and Denmark (€0.4bn).
Early repayment of the loans requires agreement from the remaining Programme lenders – the European Financial Stabilisation Mechanism (EFSM), the European Financial Stability Facility (EFSF) and the UK - to waive the proportionate early repayment clauses in their respective loan agreements.
On 27 November 2017, the European Commission and the European Financial Stability Facility (EFSF) adopted decisions to approve Ireland’s request for waivers from the proportionate early repayment clauses. The UK has issued a waiver of its rights to proportionate early repayment.
I greatly appreciate the cooperation of our Programme partners in facilitating this early repayment. The interest savings to the Exchequer from these early repayments are estimated to be of the order of €150m over the remaining life of the loans. This puts Ireland in a strong financial position for the future and ensures we are making further sustainable progress in reducing our national debt.
