Business Irish

Friday 18 October 2019

Ireland accounts for just 1.2pc of EIB's loan stock

Plain sailing: Irish Continental Group had secured a €75m loan to help buy its newest ship, the WB Yeats
Plain sailing: Irish Continental Group had secured a €75m loan to help buy its newest ship, the WB Yeats
John Mulligan

John Mulligan

Ireland accounted for just 1.2pc of the European Investment Bank's (EIB) €451.1bn disbursed loans at the end of 2018, despite some high-profile backing here in the past couple of years.

Spain accounted for 18.4pc of the European Investment Bank's outstanding stock of loans at the end of the year - the highest of any country. Italy was second, with 11.6pc, while France had 9.5pc.

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A total of €970m was committed by the bank to Ireland last year.

It loaned a total of €55.6bn in 2018, down from the €69.9bn it loaned in 2017.

An additional €10bn was provided to countries via European Investment Fund financing.

The bulk of the bank's outstanding loans - 29.2pc - are allocated to the transport sector, according to the EIB's annual report.

The aggregate value of loans granted by the investment bank to projects in Ireland was €6.7bn at the end of 2018, with the disbursed amount hitting almost €5.4bn.

In 2018, the EIB announced that it would provide €225m to support the roll-out of Ireland's nationwide electronic health and information programme.

It also backed the €80m development of a cargo

terminal at the Port of Cork with a €30m loan.

Other financing in Ireland during 2018 included €500m in backing it has committed to the controversial National Broadband Plan.

The EIB also committed €30m to Irish biotech firm Nuritas, aimed at beefing up the development of new therapies.

Irish Continental Group secured €80m for the construction of a new ferry that's due to be delivered to the company next year.

The ferry group also previously secured a €75m term loan agreement with the EIB to support the purchase of its recently-launched WB Yeats ship.

The EIB, which is owned by individual EU member states, was 60 years old last year. It has loaned more than €1trn since it was founded.

Ireland's subscribed capital to the EIB was €1.37bn at the end of 2018, compared to €1.25bn at the end of 2017.

Irish Independent

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