merrion street

The Board of Directors of the European Financial Stability Facility (EFSF) today (24 June 2013) extended the maturities on Ireland EFSF loans

The average weighted maturity for all loans by the EFSF to Ireland will now be extended by up to seven years. EU finance ministers decided on Friday last (21 June 2013) to extend EFSM loan maturities by seven years. Taken with the promissory note deal this will deliver a cash flow benefit of €40 billion over the next decade

Commenting on the agreement today (24 June 2013) the Minister for Finance stated:

"I am very pleased that the amendment to the maturities on Ireland’s EFSF and EFSM loans has now been agreed. This successfully brings to a conclusion our negotiations and will reduce the market refinancing requirement by €20 billion over the period 2015 to 2022. This builds upon the successful promissory note negotiations which reduced the market refinancing requirement by €20bn over the next 10 years. Taken together, the successful conclusion of both sets of negotiations has delivered a cash flow benefit of €40 billion over the next decade and will further strengthen our ability to make a full and sustainable return to the markets "

Ends

Notes to Editors

EFSF extends loan maturities for Ireland and Portugal

http://www.efsf.europa.eu/mediacentre/news/2013/efsf-extends-loan-maturities-for-ireland-and-portugal-.htm

Ecofin Council extends maturities of EFSM loans to Ireland, Portugal

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137563.pdf

Minister for Finance, Michael Noonan welcomes progress on amendment to maturities on Ireland’s borrowings (16 May 2013)

http://www.finance.gov.ie/viewdoc.asp?DocID=7691&CatID=78&StartDate=1+January+2013

Promissory Note overview

http://www.finance.gov.ie/documents/publications/presentation/2013/newjmpres.pdf