Michael McGrath (Cork South Central, Fianna Fail)
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Question 114: To ask the Minister for Finance if he will provide details of the amount of money drawn down to date from the funding available under the EU-IMF programme and also from the bilateral loans which are in place; if he will provide a schedule of the dates of expected further drawdowns; and if he will make a statement on the matter. [15102/11]

Michael McGrath (Cork South Central, Fianna Fail)
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Question 153: To ask the Minister for Finance if he will show the amount of money drawn down to date separately under each of the funding headings IMF, EFSF, EFSM and bilateral loans in the EU and IMF programme; the date of drawdown; a schedule of dates for future planned drawdowns under each heading; and if he will make a statement on the matter. [15571/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 114 and 153 together.

To date, Ireland's nominal borrowings are €23 billion under the EU/IMF Programme. The details are set out in the table below. Under the arrangements governing the European Financial Stability Facility (EFSF), part of the loan to a borrower is retained by the EFSF for credit enhancement purposes. This credit enhancement is to ensure that the EFSF retains its top AAA credit rating and, thereby, minimises the cost of funds it borrows. Under the first and only disbursement to Ireland to date, some €600m was retained by the EFSF thereby reducing the loan of €4.2 billion to a net disbursement of €3.6 billion.

1. The current SDR floating rate (2.345%) on the IMF drawdown reflects the lower rate arising from a quota increase for Ireland on 4 March 2011. The estimated Euro Equivalent rate on credit outstanding is 4.77% (pricing 31May 2010) after hedging.

2. This is the loan amount. The net loan, the amount made available to the Exchequer, from the EFSF is €3.592 billion after credit enhancement measures.

3. Taking account of €600 million in credit enhancement measures in the EFSF funding and below-par issuance by the EFSM and EFSF, the total cash received amount is €22.357 billion.

4. This is the overall Net Loan Amount

Future disbursements are kept under constant review and are the subject of discussion in the quarterly reviews. Disbursements in each quarter can only take place after the IMF Executive Board, the Eurogroup and ECOFIN have approved the compliance reports prepared, respectively, by IMF Staff and the European Commission Services. The actual disbursements take place in the period following the respective meetings. Disbursements from the EFSF and EFSM are somewhat dictated by the timing of their market interventions and discussions around this are held with the NTMA as appropriate.

The indicative disbursement profile agreed under the combined first and second reviews, which took place in April 2011, is set out in the table below:

* These are net disbursement figures. Gross borrowing will be higher due to the credit enhancement measures required under EFSF arrangements.

The funds to be sourced from the EU include an estimated €4.8 billion of bilateral loans from the UK, Sweden and Denmark. Under the bilateral agreement with the UK worth a total value of Stg£3.2 billion (€3.8 billion, based on the conversion rates prevailing in November 2010, is the assumed value in the table above), the funds should be disbursed in eight equal tranches starting in the third quarter of 2011.

The bilateral loan agreements, including the disbursement profiles, with Sweden and Denmark are being finalized. The current expectation is that the estimated €1 billion from these sources will be split equally between 2012 and 2013 and this is reflected in the table above.