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Govt in talks to pay IMF loans early

Friday, July 25 10:13:56

The Government is in talks to payoff the country's bailout loans from the International Monetary Fund early, the Irish Times reported today.

The government is seeking early repayment for only the IMF loans in its E64 billion bailout because they carry a higher interest rate.

Any move to restructure any loans in the bailout package would require the approval of our EU partners, the newspaper reported.

Ireland's loans from the IMF carry an interest rate of about 5pc and cost the government about E1 billion a year to service so that a early pay-off could save the Exchequer many millions over the term of the loans.

The 5pc rate is more than twice the rate both on the European loans and the 2.28pc yield currently on 10-year Irish government bonds.

Ireland is currently in talks with its European partners but no action is expected before the government announces its 2015 budget in October, the Irish Times said.

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