MEP wants UK to pay interest profit to Ireland

The UK should pay back Ireland any significant profit it makes from charging high interest rates in its £7bn (€8.3bn) bailout of the country, a senior Liberal Democrat MEP said today.

Sharon Bowles, chair of Economic and Monetary Affairs Committee in the European Parliament, said it would give Ireland an incentive to pay back its loan. The initiative would extend to Eurozone countries which contributed to the £72bn (€85.7bn) bailout last month.