Minister for Finance, Michael Noonan welcomes progress on amendment to maturities on Ireland’s borrowings

Minister for Finance, Michael Noonan welcomes progress on amendment to maturities on Ireland’s borrowings.

Proposals on amendment to maturity profile on Ireland’s EU loan have been circulated to EU Member States and laid before the Houses of the Oireachtas this afternoon.

Detailed work builds upon political agreement reached by Minister for Finance, Michael Noonan at the Informal Ecofin in Dublin in April.

The proposals will be discussed and final approval sought at the Ecofin and Eurogroup meetings in June.

Subject to ratification, the proposed amendments to the maturities are expected to remove a market refinancing requirement of €20 billion from the period 2015 to 2022.

Commenting on the progress the Minister for Finance stated: “I am very pleased that that the amendment to the maturities on Ireland’s EFSF/EFSM loans is now being progressed. Copies of the proposals on the EFSF loans have been circulated to EU member States so that they can complete their national approval procedures and have been laid before the Houses of the Oireachtas.

The amended maturity profiles circulated, in conjunction with expected amendments to the profiles on the EFSM loans would see, upon ratification, a removal of a market refinancing requirement of €20 billion from the period 2015 to 2022.

While the reduction in the refinancing requirement varies from year to year the expected amended profiles would see Ireland’s market refinancing requirement reduced from €10.6 billion to €4.4 billion in 2015 for example.