Statement in response to the announcement by the Chancellor of the Exchequer on changes to the interest rate on the UK bilateral loans
The Minister for Finance, Michael Noonan T.D., welcomes the announcement by the Chancellor of the Exchequer, the Rt Hon George Osborne MP, that he proposes a reduction of the interest rate on the UK bilateral loans to Ireland:
“I welcome today’s announcement by the Chancellor that the UK proposes to reduce the interest rates on the loans to Ireland to a level slightly below the new European Financial Stability Fund (EFSF) interest rate.
The support of the UK reflects the important economic relationship between Ireland and the UK. The level of trade between Ireland and the UK supports jobs in companies of all sizes from sole traders through to the largest companies. The willingness of the UK to assist Ireland reflects how both countries gain through sustainable economic growth that creates long term jobs.
I wish to thank the Chancellor who has strongly argued the case for a European resolution to the crisis and the need for a reduction in the interest rates charged on the EU loans. This is a point that I have often made and the support of the Chancellor was important in reaching yesterday’s agreement.
At a personal level, I would also like to thank the Chancellor for the significant support that he offered me on this topic during meetings in Brussels.”