Written answers

Thursday, 21 March 2013

Department of Finance

EU-IMF Programme of Support Drawdowns

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance the amounts currently borrowed from the International Monetary Fund under the programme finance agreement; the annual rate of interest payable on these borrowings; and the dates by which the principals must be repaid [14576/13]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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At the end of February 2013, the nominal liability of loans from the IMF under the EU-IMF Programme amounted to €19.14 billion. The details of the individual IMF loan amounts are set out in table format below. The table also provides information on the IMF loan maturities. The Deputy should be aware that all of this information is available on the website of the National Treasury Management Agency. The interest rate on the IMF Extended Fund Facility is tied to the IMF's market-related interest rate, known as the basic rate of charge. As the IMF loan is provided in Special Drawing Rights, which comprise a basket of four currencies (USD, EUR, GBP, JPY), the interest rate is constructed from three-month Eurepo, US and UK Treasury Bills and Japanese Government Discount Notes rates, plus a margin of 100 basis points. Borrowings of up to three times a country's IMF quota are subject to the basic rate of charge. Borrowings above three times quota attract a surcharge of 200 basis points which is in addition to the 100 basis points margin which forms part of the basic rate of charge. This surcharge rises to 300 basis points three years after the loan size exceeds three times the quota. At the end of February 2013, the overall blended euro equivalent interest rate on Ireland’s IMF loans was 4.17%.

IMF Loan Maturities

Nominal Loan Amount (SDR = Special Drawing Rights)Date of DrawdownMaturity Date (Amortising)Term from Drawdown
SDR 5.01 billion18 Jan 201118 Jul 2015 – 18 Jan 20214.5 – 10 years
SDR 1.41 billion18 May 201118 Nov 2015 – 18 May 2021
SDR 1.32 billion7 Sep 20117 Mar 2016 – 7 Sep 2021
SDR 3.31 billion16 Dec 201116 Jun 2016 – 16 Dec 2021
SDR 2.79 billion29 Feb 201231 Aug 2016 – 28 Feb 2022
SDR 1.19 billion15 Jun 201215 Dec 2016 – 15 Jun 2022
SDR 0.76 billion28 Sep 201228 Mar 2017 – 28 Sep 2022
SDR 0.76 billion20 Dec 201220 Jun 2017 – 20 Dec 2022

The total loan amount, as measured in Special Drawing Rights, is 16.54 billion, the euro equivalent of which is €19.14 billion. The average weighted life of these loans is 7.5 years from the date of drawdown.

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