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Bilateral loan to Ireland

25 April 2013

In December 2010, the UK agreed to provide a bilateral loan of £3.2 billion to Ireland as part of a €67.5 billion international assistance package. The Government expects the loan to be repaid in full. The Loans to Ireland Act, which was given Royal Assent on 21 December 2010, provides Parliamentary authorisation for the making of this loan to Ireland.

The Government has 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.

Advances under the UK’s loan agreement are conditional on the IMF and European Union being satisfied that Ireland is complying with the provisions of its financial assistance programme and is meeting the targets it sets out.

Key Documents 

• Loans to Ireland Act 2010 (PDF 59KB)
• [Original] Credit Facility Agreement (PDF 300KB)
• [Revised] Credit Facility Agreement (PDF 275KB)

Reports

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. 

• Report under section 2 of the Loans to Ireland Act 2010: 1 October 2011 to 31 March 2012 (PDF 145KB)
• Report under section 2 of the Loans to Ireland Act 2010: 1 April 2012 to 30 September 2012 (PDF 172KB)
• Report under section 2 of the Loans to Ireland Act 2010: 1 October 2012 to 31 March 2013 (PDF 177KB)
  

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