Updated / Thursday, 29 Oct 2026 07:49
The Government is planning to repay €8 billion in loans received during the financial crisis ahead of schedule.
The proposed repayments relate to loans provided under the European Financial Stabilisation Mechanism (EFSM) as part of the country's EU-IMF bailout programme.
Tánaiste and Minister for Finance Simon Harris brought a memo to Cabinet this week, which will allow the State to make early repayments on the State's loans, in a move that could save the taxpayer an estimated €90m.
Ireland originally borrowed €22.5 billion under the EFSM, with €15.3 billion currently outstanding.
The exact details of the loan agreement will be announced in the coming days following consultation at both a domestic and EU level.
The move will be seen as significant as it will reduce Ireland's national debt at a time when interest rates are rising.
Source: RTÉ News · David Murphy
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