Agreement on amendment to maturities on Ireland’s borrowings reduces the market refinancing requirement by €20 billion over the period 2015 to 2022

The Minister for Finance, Michael Noonan welcomes final agreement on amendment to maturities on Ireland’s borrowings

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 ”