Bittersweet: Loans repaid ahead of schedule

TUESDAY’S congratulations from Denmark, marking the fact that Ireland has repaid a €400m crisis loan several years earlier than expected, is a bittersweet endorsement of policies adopted — forced upon us might be a more accurate description — during the darkest days of the economic collapse.

Bittersweet: Loans repaid ahead of schedule

In September, Minister for Finance Paschal Donohoe said Ireland was set to repay a debt of €0.6bn to Sweden and of €0.4bn Denmark early.

It is also intended that Ireland will repay €4.5bn to the IMF ahead of schedule. 

Early repayments are expected to reduce servicing costs for the three loans by around €150m. All in all, a good enough result.

In the world where figures hold far more sway than stories, these are commendable achievements even if one of those stories is our dreadful housing crisis. 

Another story that must not be forgotten is the one that continues to fester and, as our economy begins to look like a runaway Celtic Tiger once more, assumes a new relevance. 

Not one of those responsible for the lunacies that led to our last collapse have been held to account in any meaningful way.


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