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Happy Christmas loan of €3.9 billion released by IMF

THE executive board of the International Monetary Fund has agreed to release €3.9 billion in loans to Ireland after completing its review of Ireland's implementation of the bailout programme.

The announcement was made after a meeting in Washington, and the organisation noted that it has so far loaned Ireland €13bn as part of the bailout programme.

The IMF is expected to lend Ireland about €23bn over three years.

At the last release of funding, the IMF noted that the Government had adopted a plan in March to reorganise and reduce debts of its domestic banks and said the strategy was "ahead of schedule in some areas."