UK pays Noonan first part of bailout loan

BRITAIN has paid out the first tranche of its loan to Michael Noonan's (right) Finance Department, announced late last year as a contribution to the international bailout.

"Ireland completed the third quarterly review of its International Monetary Fund and European Union programme of financial assistance on September 2, at which point the first instalment of the UK bilateral loan became available for drawdown," British Financial Secretary Mark Hoban said. "Upon request, the Treasury has disbursed the first instalment of £403.37m (€463m) on October 14, with a maturity date of April 15, 2019," he said.