State works on ‘longer-term’ debt pay plan

Tánaiste Eamon Gilmore has confirmed that the Government is pushing on two fronts to cut the cost of Ireland’s debt and annual €3bn interest payments.

Meanwhile, John Bruton, former taoiseach and head of the Financial Services Centre, said it was important that Ireland honoured its bailout commitments.

Up to now the emphasis has been on re-engineering the €31bn the Government gave to cover Anglo Irish Bank losses. However, the troika is considering ways to reduce the amount the country would pay on the €40bn it has borrowed from the EU’s bailout funds, according to Mr Gilmore.