McGrath removes interest payments on €1.7bn 'warehoused' debt owed to State by firms

Minister for Finance Michael McGrath announced the move, saying that any interest already paid at the previous rate of 3% will be refunded.

The Government has reduced the interest rate on €1.7bn debt “warehoused” since the pandemic to 0% in an effort to ease the pressure of costs on beleaguered businesses.

Minister for Finance Michael McGrath announced the move, saying that any interest already paid at the previous rate of 3% will be refunded, while businesses may be able to put in place long-term debt repayment plans to ease the pressures they face.