Ecofin agree to early repayment of IMF loans

//Ecofin agree to early repayment of IMF loans

Ecofin agree to early repayment of IMF loans

Michael Noonan said that he still had to convince all 27 EU finance ministers at an informal Ecofin meeting Michael Noonan said that he still had to convince all 27 EU finance ministers at an informal Ecofin meeting

European Union Finance Ministers will meet today to hear Minister for Finance Michael Noonan’s case to allow Ireland repay its International Monetary Fund loans earlier to cut costs.

Eurozone ministers have already approved the plan.

The deal involves repaying up to €18bn of IMF loans with cheaper funding from the international markets.

Interest rates are currently much lower than when the loans were agreed as part of Ireland’s bailout in 2010. 

Mr Noonan said that he still had to make the case to all 27 EU finance ministers at the informal Ecofin meeting.

Yesterday he said that the necessary procedures could now be put in place by eurozone officials.

Once all 27 governments, including some national parliaments , formally approve the decision, then the process to start raising bonds on the international markets can begin, “probably before the end of the year.” 


RTÉ News – News Headlines

By | 2014-09-13T15:16:32+00:00 September 13th, 2014|Headlines|0 Comments