EU delays raising €3bn loan for Ireland

THE EU’s funding facility put off raising €3 billion for Ireland because the cost had escalated following Greece’s referendum announcement.

While the fund’s triple-A rating was confirmed yesterday on conference call with investors by the Luxembourg-based vehicle, some expressed fears on what this meant for the facility.

Analysts criticised the European Financial Stability Facility (EFSF) for not raising the money sooner, when markets were more relaxed about the euro debt crisis.