Noonan: Nothing conceded on corporation tax

Finance Minister Michael Noonan has said nothing was conceded on corporation tax to get a cut in the bailout interest rate.

Michael Noonan told the Dáil Finance Committee that the 2% bailout interest rate cut will apply to all loans already drawn down, and to future drawdowns.

The cut will lead to a saving of up to €500m in interest next year and up to €900m a year over the 7.5-year life of loans.

Michael Noonan said the cut was very positive, given that Ireland did not have to give away anything.

"The Government made no concessions in relation to corporation tax," he said, but added: "The Government is not opposed to greater cooperation within the European Union on tax policy matters."