herald

Monday 17 December 2018

Loan changes urged

IRELAND should look to renegotiate the interest rate paid on the emergency funding from Europe, an Oireachtas committee has been told.

Economics professor Karl Whelan said that there was room for manoeuvre as Ireland is the only country using the funds.

In contrast, the portion of the loan that came from the International Monetary Fund involved terms that were identical across all countries.

The European Financial Stability Facility (EFSF) will charge Ireland about 6pc for money the EFSF borrowed last night at 2.89pc in the bond markets. The huge difference in the borrowing costs fuelled calls for a renegotiation of the terms of the bailout deal.

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