Transparency data

Bilateral loan to Ireland: legislation and credit facility agreement

These documents contain details on the bilateral loan to Ireland, which received Royal Assent on 21 December 2010.

Documents

Loans to Ireland Act 2010

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[Original] Credit Facility Agreement

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[Revised] Credit Facility Agreement

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Detail

The Loans to Ireland Act was granted Royal Assent on 21 December 2010, and provided Parliamentary authorisation for a bilateral loan of £3.2 billion to be lent to Ireland. The government expects the loan to be repaid in full.

The government agreed to provide a bilateral loan to Ireland because it is in the UK’s national interest that Ireland has a successful economy and a stable banking system. The links between our financial systems, particularly in Northern Ireland, mean that there is a strong economic case to provide financial assistance to Ireland. By being part of the international financial package, the UK will indirectly support the very many businesses across the UK that trade with Ireland.

Under the terms of the Loans to Ireland Act 2010, the Treasury is required to report periodically on the bilateral loan, including on loan payments made, interest received and amounts outstanding.