No decision yet on loan access for Ireland after bailout

The EU's Economics Commissioner said it's too early to decide whether Ireland should be given a precautionary second bailout.

The EU's Economics Commissioner said it is too early to decide whether Ireland should be given a precautionary second bailout.

Olli Rehn says Ireland has a large stock of cash ahead of its exit from the EU-IMF bailout later this year.

Commissioner Rehn was speaking ahead of a meeting of the Eurozone's finance ministers in Luxembourg this afternoon, where the topic of a second bailout for Ireland is likely to be discussed.

However, Commissioner Rehn said there's no need to rush into a decision about whether Ireland or Spain should be given access to a second batch of loans.

"It's one possibility … but we still have a few weeks of time, and both countries have seen a very substantial economic turnaround," he said.

"Both countries have a very good chance of successfully concluding this support programme."