Economic Secretary statement: bilateral loan to Ireland
Statement by the Economic Secretary to the Treasury, John Glen MP, on the bilateral loan to Ireland.
In December 2010, the UK agreed to provide a bilateral loan of £3.2 billion as part of a €67.5 billion international assistance package for Ireland. The loan was disbursed in 8 tranches, and the final tranche was drawn down on 26 September 2013. Ireland has made interest payments on the loan every six months since the first disbursement.
On 26 March, in line with the agreed repayment schedule, HM Treasury received a total payment of £406,428,318.19 from Ireland. This comprises the repayment of £403,370,000 in principal and £3,058,318.19 in accrued interest.
The next Statutory Report will cover the period 1 October 2020 to 31 March 2021. HM Treasury will report fully on the repayments received during this period in the Report.
The Government will inform Parliament of the repayment and the next statutory report through a Written Ministerial Statement following its return from recess.