John Glen – 2019 Statement on Bilateral Loan for Ireland

Below is the text of the statement made by John Glen, the Economic Secretary to the Treasury, in the House of Commons on 24 April 2019.

I would like to update Parliament on the loan to Ireland.

In December 2010, the UK agreed to provide a bilateral loan of £3.2 billion as part of a €67.5 billion international assistance package for Ireland. The loan was disbursed in eight tranches. The final tranche was drawn down on 26 September 2013. Ireland has made interest payments on the loan every six months since the first disbursement.

On 15 April, in line with the agreed repayment schedule, HM Treasury received a total payment of £407,843,097.02 from Ireland. This comprises the repayment of £403,370,000 in principal and £4,473,097.02 in accrued interest.

As required under the Loans to Ireland Act 2010, HM Treasury laid a statutory report to Parliament on 1 April covering the period from 1 October to 31 March 2019. The report set out details of future payments up to the final repayment on 26 March 2021. The Government continue to expect the loan to be repaid in full and on time.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/791132/Ireland_loan_statutory_report_April_2019_web.pdf

The next statutory report will cover the period from 1 April to 30 September 2019. HM Treasury will report fully on all repayments received during this period in the report.