40% of IBRC debtors pay 2% interest

Debtors owing more than €9bn to the State-owned Irish Bank Resolution Company are paying just 2% interest on their loans – a fraction of the rate which normally applies to commercial lending.

More than 40% of the €22bn of loans owed to IBRC at the time the Special Liquidator was appointed over two years ago had an interest rate of 2% or less, while €16bn of the total was accompanied by a rate of less than 3%.

The figures were released to Fianna Fáil finance spokesman Michael McGrath by Finance Minister Michael Noonan in response to a parliamentary question.