Ireland may not benefit from lower fund interest rate

EU LEADERS are set to approve a lower interest rate for any country borrowing from the European Financial Stability Fund (EFSF).

The move will come as a two-day summit of leaders in Brussels begins today.

However, Ireland will remain the exception, paying 3% above the rate that the EFSF pays to raise the money on the markets, rather than the new 2% rate. The savings could be as much as €350 million a year.