Ireland EU Loan Rate Renegotiation
Published / Last Updated on 08/05/2011
Ireland EU Loan Rate Renegotiation.
Last November, Ireland applied for a package of loans worth €85bn from the EU and the IMF. They currently pay an average rate of 5.8 per cent on loans. A cut of 1 per cent could be worth up to 400m Euro.
Although Britain is not a member of the Eurozone, it would be involved in any agreement to change Ireland's bail-out loans because the UK pays into the European Financial Stabilisation Mechanism as part of the EU Commission's budget, which affects all 27 member states.