The National Treasury Management Agency (NTMA) has today completed the early repayment in full of Ireland’s outstanding loans from the IMF. The NTMA also confirmed that the bilateral loans from Denmark and Sweden were repaid in full, yesterday 19 December. In total some €5.5 billion was repaid early.
Welcoming the early repayments the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe, T.D., has this evening (Wednesday) commented as follows:
“These early repayments mark a further significant milestone for Ireland in its continued robust economic recovery.
They will also generate interest savings estimated to be of the order of €150m over the remaining life of the loans. This will further improve Ireland’s debt sustainability.
Ireland greatly appreciates the support provided by the IMF, Denmark and Sweden, at a time of great uncertainty. We will never forget the solidarity shown to Ireland.
We also appreciate the cooperation of the remaining Programme lenders in facilitating these early repayments.
As Ireland continues to recover we will keep making decisions that are in the best interests of our country, our future prosperity and, most importantly, our people.”
ENDS
Notes to editors
- Early repayment of the loans required 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. Ireland’s repayment of outstanding programme related IMF debt (circa €4.5bn), and the bilateral loans from Sweden (€0.6bn) and Denmark (€0.4bn), a total of circa €5.5bn, will deliver approximately €150 million in interest savings and further improve Ireland’s debt sustainability. It also provides liquidity benefits and increases the ECB’s purchase capacity for Irish government bonds in its quantitative easing programme.
- The IMF will continue to participate in post-programme reviews of Ireland until end-2021, as part of its staff visits.
CONTACT:
Aidan Murphy, Press Officer, Department of Finance – 085 886 6667