EU-IMF Programme

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 (EFSM); 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.

In December 2017, the NTMA completed the early repayment in full of Ireland’s outstanding loans from the IMF.

Ireland’s bilateral loans from Denmark and Sweden were also repaid in full.

Programme loans remain from the EFSM, EFSF and a bilateral loan from the United Kingdom.

  • Final Disbursement Table under the EU/IMF Programme at end March 2014

    Lender
    Nominal
    Loan
    Amount1
    Date of
    drawdown
    Maturity Date
    Term from
    drawdown

    EUR 5.00 bn12-Jan-1104-Dec-154.9 yrs

    EUR 3.40 bn24-Mar-1104-Apr-187 yrs

    EUR 3.00 bn31-May-1104-Jun-2110 yrs

    EUR 2.00 bn29-Sep-1104-Sep-2614.9 yrs
    European FinancialEUR 0.50 bn06-Oct-1104-Oct-187 yrs
    Stabilisation Mechanism (EFSM)2EUR 1.50 bn16-Jan-1204-Apr-4230.2 yrs

    EUR 3.00 bn05-Mar-1204-Apr-3220.1 yrs

    EUR 2.30 bn03-Jul-1204-Apr-2815.8 yrs

    EUR 1.00 bn30-Oct-1204-Nov-2715.0 yrs

    EUR 0.80 bn25-Mar-1404-Apr-2410.0 yrs
    EFSM EUR Equivalent Total€22.50 bn

    12.3 yrs
    weighted
    average life

    EUR 2.19 bn01-Feb-1101-Aug-3221.5 yrs

    EUR 2.00 bn01-Feb-1101-Feb-3322.0 yrs
    European FinancialEUR 2.10 bn14-Nov-1125-Jul-3119.7 yrs
    Stability Facility (EFSF)3EUR 0.90 bn14-Nov-1101-Aug-3018.7 yrs

    EUR 1.27 bn12-Jan-1201-Aug-2917.6 yrs

    EUR 2.80 bn03-Apr-1201-Aug-3119.3 yrs

    EUR 0.48 bn19-Jul-1201-Jul-3422.0 yrs

    EUR 1.00 bn23-Aug-1201-Aug-3018.0 yrs

    EUR 0.80 bn02-May-1301-Aug-2916.3 yrs

    EUR 1.60 bn18-Jun-1315-Nov-4229.4 yrs

    EUR 1.00 bn27-Sep-1327-Sep-3421.0 yrs

    EUR 2.27 bn04-Dec-1304-Dec-3320.0 yrs
    EFSF EUR Equivalent Total€18.41 bn

    20.7 yrs
    weighted
    average life
    United KingdomGBP 0.40 bn14-Oct-1114-Apr-197.5 yrs
    Bilateral loanGBP 0.40 bn30-Jan-1230-Jul-197.5 yrs

    GBP 0.40 bn28-Mar-1228-Sep-197.5 yrs

    GBP 0.40 bn01-Aug-1201-Feb-207.5 yrs

    GBP 0.40 bn19-Oct-1219-Apr-207.5 yrs

    GBP 0.40 bn06-Mar-1306-Sep-207.5 yrs

    GBP 0.40 bn06-Jun-1306-Dec-207.5 yrs

    GBP 0.40 bn26-Sep-1326-Mar-217.5 yrs
    UK GBP TotalGBP 3.23 bn 


    UK EUR Equivalent Total€3.83 bn

    7.5 yrs
    weighted
    average life
    Sweden Bilateral loanEUR 0.15 bn15-Jun-1215-Dec-197.5 yrs
    EUR 0.15 bn01-Nov-1201-May-207.5 yrs
    EUR 0.15 bn07-Jun-1307-Dec-207.5 yrs
    EUR 0.15 bn07-Nov-1307-May-217.5 yrs
    Sweden EUR Equivalent Total€0.60 bn

    7.5 yrs
    weighted
    average life
    Denmark Bilateral loanEUR 0.10 bn30-Mar-1230-Sep-197.5 yrs
    EUR 0.10 bn01-Nov-1201-May-207.5 yrs
    EUR 0.10 bn04-Jun-1304-Dec-207.5 yrs
    EUR 0.10 bn07-Nov-1307-May-217.5 yrs
    Denmark EUR Equivalent Total€0.40 bn

    7.5 yrs
    weighted
    average life



    Amortising:






    SDR 5.01 bn18-Jan-1118-Jul-15 – 18-Jan-21

    SDR 1.41 bn18-May-1118-Nov-15 – 18-May-21
    InternationalSDR 1.32 bn07-Sep-1107-Mar-16 – 07-Sep-21
    Monetary Fund (IMF)SDR 3.31 bn16-Dec-1116-Jun-16 – 16-Dec-21

    SDR 2.79 bn29-Feb-1231-Aug-16 – 28-Feb-224.5 – 10 yrs

    SDR 1.19 bn15-Jun-1215-Dec-16 – 15 Jun-22

    SDR 0.76 bn28-Sep-1228-Mar-17 – 28-Sep-22

    SDR 0.76 bn20-Dec-1220-Jun-17 – 20-Dec-22

    SDR 0.83 bn27-Mar-1327-Sep-17 – 27-Mar-23

    SDR 0.83 bn27-Jun-1327-Dec-17 – 27-Jun-23

    SDR 0.68 bn27-Sep-1327-Mar-18 – 27-Sep-23

    SDR 0.58 bn18-Dec-1318-Jun-18 – 18-Dec-23
    IMF SDR Total4SDR 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

    NOTES & SOURCES

    The figures in the table are unaudited. Rounding can affect totals.    

    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 (which was returned to Ireland in 2016), and the effect of foreign exchange transactions.

    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. Three EFSM loans have so far been refinanced, one loan in 2015 and two loans in 2018. 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.

    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 key international currencies.