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EU/IMF Programme

Programme Summary

The Government agreed, on 28 November 2010, to a three-year financial support programme for Ireland by the EU and IMF. External support amounted to €67.5 billion.

The external support under the programme comprised:

  • €22.5 billion from the IMF Extended Fund Facility;
  • €22.5 billion from the European Financial Stabilisation Mechanism; and
  • €22.5 billion from the European Financial Stability Facility (€17.7bn) and bilateral loans from the United Kingdom (€3.8bn), Sweden (€0.6bn) and Denmark (€0.4bn).

Support was provided on the basis of specific policy conditionality which is detailed in a Memorandum of Understanding.  The final review was completed in December 2013 and the final disbursement was made in March 2014.

Final Disbursement Table under the EU/IMF Programme at end March 2014
LenderNominal
Loan
Amount1
Date of
drawdown
Maturity
Date
Term from
drawdown

 

 

European Financial
Stabilisation Mechanism (EFSM)2

EUR 5.00 bn
EUR 3.40 bn
EUR 3.00 bn
EUR 2.00 bn
EUR 0.50 bn
EUR 1.50 bn
EUR 3.00 bn
EUR 2.30 bn
EUR 1.00 bn
EUR 0.80 bn

12-Jan-11
24-Mar-11
31-May-11
29-Sep-11
06-Oct-11
16-Jan-12
05-Mar-12
03-Jul-12
30-Oct-12
25-Mar-14

04-Dec-15
04-Apr-18
04-Jun-21
04-Sep-26
04-Oct-18
04-Apr-42
04-Apr-32
04-Apr-28
04-Nov-27
04-Apr-24

4.9 yrs
7 yrs
10 yrs
14.9 yrs
7 yrs
30.2 yrs
20.1 yrs
15.8 yrs
15.0 yrs
10.0 yrs

EFSM EUR Equivalent Total €22.50 bn

12.3 yrs
weighted
average life

 

European Financial
Stability Facility (EFSF)3

EUR 2.19 bn
EUR 2.00 bn
EUR 2.10 bn
EUR 0.90 bn
EUR 1.27 bn
EUR 2.80 bn
EUR 0.48 bn
EUR 1.00 bn
EUR 0.80 bn
EUR 1.60 bn
EUR 1.00 bn
EUR 2.27 bn

01-Feb-11
01-Feb-11
14-Nov-11
14-Nov-11
12-Jan-12
03-Apr-12
19-Jul-12
23-Aug-12
02-May-13
18-Jun-13
27-Sep-13
04-Dec-13

01-Aug-32
01-Feb-33
25-Jul-31
01-Aug-30
01-Aug-29
01-Aug-31
01-Jul-34
01-Aug-30
01-Aug-29
15-Nov-42
27-Sep-34
04-Dec-33

21.5 yrs
22.0 yrs
19.7 yrs
18.7 yrs
17.6 yrs
19.3 yrs
22.0 yrs
18.0 yrs
16.3 yrs
29.4 yrs
21.0 yrs
20.0 yrs

EFSF EUR Equivalent Total €18.41 bn

20.7 yrs
weighted
average life

United Kingdom
Bilateral loan

GBP 0.40 bn
GBP 0.40 bn
GBP 0.40 bn
GBP 0.40 bn
GBP 0.40 bn
GBP 0.40 bn
GBP 0.40 bn
GBP 0.40 bn

14-Oct-11
30-Jan-12
28-Mar-12
01-Aug-12
19-Oct-12
06-Mar-13
06-Jun-13
26-Sep-13

14-Apr-19
30-Jul-19
28-Sep-19
01-Feb-20
19-Apr-20
06-Sep-20
06-Dec-20
26-Mar-21

7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs

UK GBP Total GBP 3.23 bn
UK EUR Equivalent Total €3.83 bn 7.5 yrs
weighted
average life
Sweden Bilateral loan EUR 0.15 bn
EUR 0.15 bn
EUR 0.15 bn
EUR 0.15 bn
15-Jun-12
01-Nov-12
07-Jun-13
07-Nov-13
15-Dec-19
01-May-20
07-Dec-20
07-May-21
7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs
Sweden EUR Equivalent Total €0.60 bn 7.5 yrs
weighted
average life
Denmark Bilateral loan EUR 0.10 bn
EUR 0.10 bn
EUR 0.10 bn
EUR 0.10 bn
30-Mar-12
01-Nov-12
04-Jun-13
07-Nov-13
30-Sep-19
01-May-20
04-Dec-20
07-May-21
7.5 yrs
7.5 yrs
7.5 yrs
7.5 yrs
Denmark EUR Equivalent Total €0.40 bn

7.5 yrs
weighted
average life

 

 

International
Monetary Fund (IMF)

 

SDR 5.01 bn
SDR 1.41 bn
SDR 1.32 bn
SDR 3.31 bn
SDR 2.79 bn
SDR 1.19 bn
SDR 0.76 bn
SDR 0.76 bn
SDR 0.83 bn
SDR 0.83 bn
SDR 0.68 bn
SDR 0.58 bn

 

18-Jan-11
18-May-11
07-Sep-11
16-Dec-11
29-Feb-12
15-Jun-12
28-Sep-12
20-Dec-12
27-Mar-13
27-Jun-13
27-Sep-13
18-Dec-13

Amortising:

18-Jul-15 – 18-Jan-21
18-Nov-15 – 18-May-21
07-Mar-16 – 07-Sep-21
16-Jun-16 – 16-Dec-21
31-Aug-16 – 28-Feb-22
15-Dec-16 – 15 Jun-22
28-Mar-17 – 28-Sep-22
20-Jun-17 – 20-Dec-22
27-Sep-17 – 27-Mar-23
27-Dec-17 – 27-Jun-23
27-Mar-18 – 27-Sep-23
18-Jun-18 – 18-Dec-23

 

 

 

4.5 – 10 yrs

IMF SDR Total4 SDR 19.47 bn
IMF EUR Equivalent Total €22.45 bn 7.3 yrs
weighted
average life
Overall EUR Equivalent Total €68.20 bn 12.56 yrs
weighted
average life

The figures in the table are unaudited. 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 €67.5 billion after adjustment for below par issuance, deduction of a prepaid margin, and the effect of foreign exchange transactions. The final programme disbursement of €0.8 billion from the EFSM took place in March 2014.    
2 EFSM loans are subject to a seven year extension. It is not expected that Ireland will have to refinance 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.
EFSF loans reflect the maturity extensions agreed in June 2013.
4 IMF loans are denominated in Special Drawing Rights (SDRs), an international reserve asset created by the IMF. Its value is based on a basket of four key international currencies - the euro, Japanese yen, pound sterling and U.S. dollar.