Bloomberg News

U.K. Releases First Installment of Bailout Loan to Ireland

October 17, 2011

Oct. 17 (Bloomberg) -- Britain paid the first installment of its 3.25 billion-pound ($5.1 billion) bailout loan to Ireland, Treasury minister Mark Hoban said.

The government disbursed 403.3 million pounds on Oct. 14, Hoban said in a statement to Parliament in London today. The loan matures in 2019 and carries an interest rate of 4.667 percent.

Last year, Ireland became the second euro-region country to need a rescue as the cost of saving its banks threatened a rerun of the Greek debt crisis. The U.K. commitment to aid Ireland with a direct loan at a time when Britain is undergoing deep spending cuts stirred opposition among some ruling Conservative Party lawmakers.

--Editors: Andrew Atkinson, Eddie Buckle

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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