Tuesday, 30 November 2010
Department of Finance
Eurogroup and ECOFIN Ministers agreed on 28 November 2010 on a package of financial assistance to Ireland in the context of a joint EU-IMF Programme and against the background of safeguarding financial stability in the EU and the euro area as a whole. As set out in the statement issued by the Eurogroup and ECOFIN Ministers on 28 November 2010, the financial assistance includes provision for bilateral loans from the UK (€3.8 billion), Sweden (€0.6 billion) and Denmark (€0.4 billion). No other bilateral loans are anticipated at present.
These loans are part of an overall provision of €85 billion of which the State will contribute €17.5 billion from the National Pensions Reserve Fund and from cash reserves and of which €67.5 billion may be provided in external assistance. This is composed of €22.5 billion from the European Financial Stabilisation Mechanism (EFSM), €22.5 billion from the International Monetary Fund (IMF) and €22.5 billion from the European Financial Stability Fund (EFSF) including the above mentioned bilateral loans. Financial assistance will in all cases be subject to the policy conditionality set out in the EU-IMF Programme for Ireland.