Ireland ‘committed’ to securing bailout cut

IRELAND’S focus remains firmly on getting a cut in the interest rate on its bailout, Finance Minister Michael Noonan said as eurozone ministers agreed the details of a €78 billion loan for Portugal at a lower rate of interest.

Ireland was “hitting all the targets” of its loan programme Mr Noonan said as the Troika — European Commission, ECB and IMF — gave the thumbs up to the country’s progress following its recent mission to Dublin.

The next tranche of the loan will now be available but the Government is seeking to push out the schedule and not draw down the money just yet, preferring to spend what it has put aside from the pension fund and its own resources first.