EU 3% margin may cost €5bn

ON one segment of the EU/IMF loan to be voted on today, the EU is charging a margin of almost 3% on top of the interest rate, which could cost the country up to €5 billion.

According to RTÉ news, Ireland’s representatives on the European Court of Auditors said that there is “no precedent” for the EU charging a margin on such loans.

The bailout money for Ireland comes in three parts: the IMF, the European Financial Stability Facility and the European Financial Stability Mechanism.