Pearse Doherty (Donegal South West, Sinn Fein)
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Question 112: To ask the Minister for Finance the day on which the margin on the bilateral loan from the British Government was agreed; and if he will make a statement on the matter. [19868/11]

Pearse Doherty (Donegal South West, Sinn Fein)
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Question 113: To ask the Minister for Finance if he had requested a reduced margin as part of the bilateral loan between Ireland and the British Government. [19869/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 112 and 113 together.

The bilateral loan agreement between Ireland and the UK was signed on 22 December 2010. At this point, no funds have yet been drawn down under the agreement. The agreement provides that the interest rate on the amounts drawn down will be based on the Sterling Pound mid-market semi-annual swap rate at the time of drawdown plus a margin of 2.29% per annum. At the time that the UK loan facility agreement was signed the overall interest cost was calculated at about 5.9%, similar to the blended rate calculated by the EU Commission for the troika loans at the time our Programme was agreed last year. The actual rate will depend on the market rates prevailing at the time of disbursement. I have not formally raised the issue of an interest rate reduction with the UK Government to date.

Pearse Doherty (Donegal South West, Sinn Fein)
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Question 114: To ask the Minister for Finance when he expects the margins to be agreed for the Danish and Swedish loan facilities. [19870/11]

Michael Noonan (Limerick City, Fine Gael)
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The bilateral loan agreements with Denmark and Sweden have not yet been signed. Discussions on the terms and conditions are continuing. The interest rate on each will be based on the 3-month Euribor interest rate, a market reference rate of good standing, plus a margin yet to be agreed.