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Bilateral loan to Ireland

29 April 2020

Proposing MP
John Glen Con
Salisbury
Type
Written Ministerial Statement
Department
Treasury
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At a Glance

Issue Summary

The statement is about updating Parliament on the status of a bilateral loan provided by the UK to Ireland in December 2010.

Action Requested

HM Treasury has provided a report to Parliament as required under the Loans to Ireland Act 2010, covering payments and repayments from October 2019 to April 2020, and confirms that the loan is on schedule for full repayment by March 2021.

Key Facts

  • The UK agreed to provide a bilateral loan of £3.2 billion to Ireland in December 2010.
  • The final tranche was drawn down on 26 September 2013.
  • HM Treasury received a total payment of £406,672,904.07 from Ireland on 20 April 2020, comprising £403,370,000 in principal and £3,302,904.07 in accrued interest.
  • The total outstanding principal is £1,613,480,000.
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