Statement by the Financial Secretary to the Treasury.
I would like to update Parliament on the loan to Ireland.
Ireland completed the third quarterly review of its International Monetary Fund and European Union programme of financial assistance on 2 September 2011, at which point the first instalment of the UK bilateral loan became available for drawdown.
Upon request, the Treasury has disbursed the first instalment of £403.37 million on 14 October 2011, with a maturity date of 15 April 2019.
HM Treasury will provide a further report to Parliament, as required under the Loans to Ireland Act 2010, at the end of this reporting period.
The Government believes that it is in our national interest that the Irish economy is successful and its banking system is stable. The Government continues to support Ireland’s efforts to improve its economic situation.