Written answers
Thursday, 18 July 2013
Department of Finance
EU-IMF Programme of Support Drawdowns
Michael McGrath (Cork South Central, Fianna Fail)
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123. To ask the Minister for Finance the number of loans drawn down to date under Ireland’s EU/IMF programme; and if he will make a statement on the matter. [36343/13]
Michael Noonan (Limerick City, Fine Gael)
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Ireland’s EU/IMF Programme will result in €67.5 billion in loans from official lenders as follows:
- EFSF (€17.7 billion)
- EFSM (€22.5 billion)
- IMF (€22.5 billion) and
- Bilateral loans of €4.8 billion (United Kingdom: €3.8 billion, Kingdom of Sweden: €0.6 billion and Kingdom of Denmark: €0.4 billion).
The IMF borrowings are provided under its Extended Fund Facility standard terms. Each of the loans from the EFSF, EFSM, United Kingdom, Kingdom of Sweden and Kingdom of Denmark are governed by agreements, which are amended and updated as required.
The following table, which has been provided by the National Treasury Management Agency (NTMA) and is available on its website, shows the portions of the loans drawn down by Ireland under the EU/IMF Programme as of end June 2013 and which remains current as of today. In total, across the six external sources of funding, 42 portions have been disbursed to date, counting two which were split as a result of EFSF maturity extensions.
Liabilities outstanding at end June 2013 under the EU/IMF Financial Assistance Programme
| Lender | Nominal Loan Amount¹ | Date of Draw Down | Maturity Date | Term from Date of Drawdown |
|---|---|---|---|---|
| European Financial Stabilisation Mechanism (EFSM)4 | EUR 5.00 billion | 12-Jan-11 | 04-Dec-15 | 4.9 yrs |
| EUR 3.40 billion | 24-Mar-11 | 04-Apr-18 | 7.0 yrs | |
| EUR 3.00 billion | 31-May-11 | 04-Jun-21 | 10.0 yrs | |
| EUR 2.00 billion | 29-Sep-11 | 04-Sep-26 | 14.9 yrs | |
| EUR 0.50 billion | 06-Oct-11 | 04-Oct-18 | 7.0 yrs | |
| EUR 1.50 billion | 16-Jan-12 | 04-Apr-42 | 30.2 yrs | |
| EUR 3.00 billion | 05-Mar-12 | 04-Apr-32 | 20.1 yrs | |
| EUR 2.30 billion | 03-Jul-12 | 04-Apr-28 | 15.8 yrs | |
| EUR 1.00 billion | 30-Oct-12 | 04-Nov-27 | 15.0 yrs | |
| EFSM EUR Equivalent Total | €21.70 billion | 12.4 yrs weighted average life | ||
| European Financial Stability Facility (EFSF)³ | EUR 2.19 billion | 01-Feb-11 | 01-Aug-32 | 21.5 yrs |
| EUR 2.00 billion | 01-Feb-11 | 01-Feb-33 | 22.0 yrs | |
| EUR 2.10 billion | 14-Nov-11 | 25-Jul-31 | 19.7 yrs | |
| EUR 0.90 billion | 14-Nov-11 | 01-Aug-30 | 18.7 yrs | |
| EUR 1.27 billion | 12-Jan-12 | 01-Aug-29 | 17.6 yrs | |
| EUR 2.80 billion | 03-Apr-12 | 01-Aug-31 | 19.3 yrs | |
| EUR 0.48 billion | 19-Jul-12 | 01-Jul-34 | 22.0 yrs | |
| EUR 1.00 billion | 23-Aug-12 | 01-Aug-30 | 18.0 yrs | |
| EUR 0.80 billion | 02-May-13 | 01-Aug-29 | 16.3 yrs | |
| EUR 1.60 billion | 18-Jun-13 | 15-Nov-42 | 29.4 yrs | |
| EFSF EUR Equivalent Total | €15.14 billion | 20.8 yrs weighted average life | ||
| United Kingdom Bilateral Loan | GBP 0.40 billion | 14-Oct-11 | 15-Apr-19 | 7.5 yrs |
| GBP 0.40 billion | 30-Jan-12 | 30-Jul-19 | 7.5 yrs | |
| GBP 0.40 billion | 28-Mar-12 | 28-Sep-19 | 7.5 yrs | |
| GBP 0.40 billion | 01-Aug-12 | 03-Feb-20 | 7.5 yrs | |
| GBP 0.40 billion | 19-Oct-12 | 19-Apr-20 | 7.5 yrs | |
| GBP 0.40 billion | 06-Mar-13 | 07-Sep-20 | 7.5 yrs | |
| GBP 0.40 billion | 06-Jun-13 | 06-Dec-20 | 7.5 yrs | |
| UK GBP Total | GBP 2.82 billion | |||
| UK EUR Equivalent Total | €3.39 billion | 7.5 yrs weighted average life | ||
| Sweden Bilateral Loan | EUR 0.15 billion | 15-Jun-12 | 15-Dec-19 | 7.5 yrs |
| EUR 0.15 billion | 01-Nov-12 | 01-May-20 | 7.5 yrs | |
| EUR 0.15 billion | 07-Jun-13 | 07-Dec-20 | 7.5 yrs | |
| Sweden EUR Equivalent Total | €0.45 billion | 7.5 yrs weighted average life | ||
| Denmark Bilateral Loan | EUR 0.10 billion | 30-Mar-12 | 30-Sep-19 | 7.5 yrs |
| EUR 0.10 billion | 01-Nov-12 | 01-May-20 | 7.5 yrs | |
| EUR 0.10 billion | 04-Jun-13 | 04-Dec-20 | 7.5 yrs | |
| Denmark EUR Equivalent Total | €0.30 billion | 7.5 yrs weighted average life | ||
| International Monetary Fund | Amortising: | 4.5 -10 yrs | ||
| SDR 5.01 billion | 18-Jan-11 | 18 Jul 2015 - 18 Jan 2021 | ||
| SDR 1.41 billion | 18-May-11 | 18 Nov 2015 - 18 May 2021 | ||
| SDR 1.32 billion | 07-Sep-11 | 07 Mar 2016 - 07 Sep 2021 | ||
| SDR 3.31 billion | 16-Dec-11 | 16 Jun 2016 - 16 Dec 2021 | ||
| SDR 2.79 billion | 29-Feb-12 | 31 Aug 2016 - 28 Feb 2022 | ||
| SDR 1.19 billion | 15-Jun-12 | 15 Dec 2016 - 15 Jun 2022 | ||
| SDR 0.76 billion | 28-Sep-12 | 28 Mar 2017 - 28 Sep 2022 | ||
| SDR 0.76 billion | 20-Dec-12 | 20 Jun 2017 - 20 Dec 2022 | ||
| SDR 0.83 billion | 27-Mar-13 | 27 Sep 2017 - 27 Mar 2023 | ||
| SDR 0.83 billion | 27-Jun-13 | 27 Dec 2017 - 27 Jun 2023 | ||
| IMF SDR Total² | SDR 18.21 billion | |||
| IMF EUR Equivalent Total | €21.11 billion | 7.5 yrs weighted average life | ||
| Overall EUR Equivalent Total | €62.09 billion | 12.44 yrs weighted average life |
Notes :
Rounding can affect totals.
¹ Euro equivalents are translated at the reporting date exchange rates, taking account of the effect of currency hedging transactions. The net euro amount received by the Exchequer was €61.4 billion after adjustment for below par issuance, deduction of a prepaid margin, and the effect of foreign exchange transactions.
² IMF loans are denominated in 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.
³ The EFSF loans reflect the maturity extensions finalised in June 2013
4 EFSM loans are subject to a seven year extension that will bring their weighted average maturity from 12.5 years to 19.5 years. It is not expected that Ireland will have to re-finance any of its EFSM loans before 2027. However the revised maturity dates of individual EFSM loans will only be determined as they approach their original maturity dates. Accordingly the EFSM loan maturity extensions are not reflected in the table above. It is possible that individual EFSM loans will be extended more than once in order to achieve the objective of increasing the weighted average maturity to 19.5 years.
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