Written answers
Wednesday, 20 June 2012
Department of Finance
EU-IMF Programme
9:00 pm
Michael McGrath (Cork South Central, Fianna Fail)
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Question 60: To ask the Minister for Finance the amount of loans drawn down to date under Ireland's EU / IMF programme; and if he will make a statement on the matter. [30051/12]
Michael Noonan (Limerick City, Fine Gael)
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Under Ireland's EU-IMF Programme of Financial Support, which is due to expire at the end of 2013, a total of €67.5 billion in loans will be provided from the EU facilities, bilateral loans and the IMF. At the 15th of June 2012, Ireland's net borrowings under the EU/IMF Programme amounted to €49.42 billion. The following table gives an updated breakdown of the loans drawn-down by Ireland under the EU/IMF programme. The table incorporates the recent draw-downs from both the IMF and the Swedish bilateral loan.
| Table 1: Loans drawn by Ireland under the EU/IMF Programme – as of 15th June 2012 | |||
| Funding Mechanism | Currency | Currency Principal | Net Eur drawdown |
| Billion | Billion | ||
| European Financial Stability Facility | EUR | 12.74 | 12.15 |
| European Financial Stabilisation Mechanism | EUR | 18.40 | 18.34 |
| International Monetary Fund | XDR | 15.03 | 17.23 |
| UK Bilateral Loan | GBP | 1.21 | 1.45 |
| Denmark Bilateral Loan | EUR | 0.10 | 0.10 |
| Sweden Bilateral Loan | EUR | 0.15 | 0.15 |
| 49.42 | |||
| Notes | |||
| The net euro drawdown figures are net of deductions including the prepaid margin on the first EFSF disbursement | |||
| and discounts applied for below par issuance and also reflect the effect of foreign exchange transactions. | |||
| These figures are for net drawdowns and include the effect of maturing and rolling over of short term EFSF financing. | |||
| XDR is the currency code used to denote the IMF's Special Drawing Rights (SDRs), an international reserve asset | |||
| which is composed of a basket of currencies consisting of the euro, Japanese yen, pound sterling, and U.S. dollar. | |||
A summary of the nominal liabilities under the EU-IMF programme as at 15th June 2012 is as follows:
| Lender | Nominal Loan Amount1 | Date of Draw Down | Maturity Date | Term from Date of Drawdown |
| European Financial Stabilisation Mechanism (EFSM) | €5.00 billion | 12-Jan-11 | 04-Dec-15 | 4.9 yrs |
| €3.40 billion | 24-Mar-11 | 04-Apr-18 | 7 yrs | |
| €3.00 billion | 31-May-11 | 04-Jun-21 | 10 yrs | |
| €2.00 billion | 29-Sep-11 | 04-Sep-26 | 14.9 yrs | |
| €0.50 billion | 06-Oct-11 | 04-Oct-18 | 7yrs | |
| €1.50 billion | 16-Jan-12 | 04-Apr-42 | 30.2yrs | |
| €3.00 billion | 05-Mar-12 | 04-Apr-32 | 20.1yrs | |
| EFSM Total | €18.40 billion | 11.8yrs weighted average life | ||
| European Financial Stability Facility (EFSF) | €4.19 billion2 | 01-Feb-11 | 18-Jul-16 | 5.5 yrs |
| €3.00 billion | 14-Nov-11 | 04-Feb-22 | 10.2yrs | |
| €1.27 billion | 12-Jan-12 | 04-Feb-15 | 3.1yrs | |
| €0.48 billion | 19-Jan-12 | 19-Jul-12 | 0.5yrs | |
| €1.00 billion | 15-Mar-12 | 23-Aug-12 | 0.4yrs | |
| €2.80 billion | 03-Apr-12 | 03-Apr-37 | 25yrs | |
| EFSF Total | €12.74 billion | 10.1yr weighted average life | ||
| United Kingdom Bilateral Loan | €0.50 billion | 14-Oct-11 | 14-Apr-19 | 7.5yrs |
| €0.50 billion | 30-Jan-12 | 30-Jul-19 | 7.5yrs | |
| €0.50 billion | 28-Mar-12 | 28-Sep-19 | 7.5yrs | |
| UK Total | €1.50 billion | 7.5yrs weighted average life | ||
| Sweden Bilateral Loan | €0.15 billion | 15-Jun-12 | 15-Dec-19 | 7.5yrs |
| Sweden Total | €0.15 billion | 7.5yrs weighted average life | ||
| Denmark Bilateral Loan | €0.10 billion | 30-Mar-12 | 30-Sep-19 | 7.5yrs |
| Denmark Total | €0.10 billion | 7.5yrs weighted average life | ||
| International Monetary Fund | 18-Jan-11 | Amortising: 18 Jul 2015-18 Jan 2021 | ||
| €18.11 billion | 18-May-11 | Amortising: 18 Nov 2015-18 May 2021 | 4.5 -10 yrs | |
| 07-Sep-11 | Amortising: 07 Mar 2016-07 Sep 2021 | |||
| 16-Dec-11 | Amortising: 16 Jun 2016-16 Dec 2021 | |||
| 29-Feb-12 | Amortising: 31 Aug 2016-28 Feb 2022 | |||
| 15-Jun-12 | Amortising: 15 Dec 2016-15 Jun 2022 | |||
| Overall Total | €51.0 billion2 | 9.7yrs weighted average life |
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