€488m tranche of UK loan given to Ireland

The latest multimillion-pound instalment of a UK loan to Ireland has been given to Dublin, the British Treasury said today.

UK Financial Secretary Mark Hoban confirmed more than £403m (€488m) had been sent across to Ireland as part of the £3.3bn (€4bn) bailout loan deal agreed in 2010.

He said: “The (British) Government believes it is in our national interest that the Irish economy is successful and its banking system is stable.”

Mr Hoban added that London “continues to support Ireland’s efforts to improve its economic situation”.

The release of the new money, which has a maturity date of September 30, 2019, follows Ireland’s successful completion last month of the fifth quarterly review of its programme of financial assistance from the European Union and International Monetary Fund.

The Treasury gave the cash – the third instalment – on March 28, but ministers updated Parliament today through a written statement.