£400m of UK’s bailout of ROIpaid to date

OVER £400m of Britain’s £3bn bailout of the bankrupt Republic of Ireland has been paid out to date, East Londonderry MP Gregory Campbell has discovered.
By The Newsroom
Published 8th Dec 2012, 11:58 BST

Mr Campbell asked the Chancellor of the Exchequer George Osborne what the repayment terms of the loan were.

Replying on his behalf Minister of State, Greg Clark, explained: “The UK agreed in December 2010 to provide a bilateral loan to Ireland for £3,226,960,000.

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“The loan to Ireland is drawn in tranches, each with a duration of 7.5 years. Repayment of each tranche of the loan is in full at the end of the 7.5 year term, with interest payable every six months.

“The Treasury has so far disbursed five tranches of the loan, each of £403,370,000; the total amount of principal that remains outstanding is therefore £2,016,850,000.”

Mr Clark said that under the Loans to Ireland Act, the Treasury has required to provide regular reports to Parliament on the bailout.

The most recent report was published on October 15, 2012, whilst the next will follow at the end of March 2013.

Related topics:Gregory CampbellRepublic of IrelandIreland