Business Irish

Wednesday 13 December 2017

More than a fifth of EU-IMF bailout fund drawn down

Thomas Molloy

THE government has drawn down more than a fifth of its €85bn EU-IMF bailout since the beginning of the year, the Central Bank said yesterday.

The government has drawn down a total of €18.4bn since November.

It received €5.8bn from the IMF and €12.6bn from European Union bailout funds, the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). That's slightly more than originally planned.

In December, the European Commission said Ireland was set to receive €11.7bn from the EFSM and the EFSF by the end of March.

The financial regulator said yesterday that subsequent drawdowns will be subject to the country's needs and to quarterly reviews conducted by the European Commission, IMF and European Central Bank. The troika is scheduled to undertake a review mission in Ireland next month.

The Central Bank will release results tomorrow on stress tests of the four banks.

All the funds so far appear to have come from the money put up by foreign organisations. No cash appears to have been taken from the €17.5bn part of the €85bn bailout package which comes from the National Pension Reserve Fund.

Irish Independent

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