The Financial Secretary to the Treasury (Mr Mark Hoban)
I would like to update Parliament on the loan to Ireland.
Ireland completed the fourth quarterly review of its International Monetary Fund and European Union programme of financial assistance on 14 December 2011, at which point the utilisation period for the second instalment of the UK bilateral loan began.
Upon request, the Treasury has disbursed the second instalment of £403.37 million on 30 January 2012, with a maturity date of 30 July 2019.
HM Treasury will provide a further report to Parliament, as required under the Loans to Ireland Act 2010, at the end of this reporting period.
The Government believe that it is in our national interest that the Irish economy is successful and its banking system is stable. The Government continue to support Ireland’s efforts to improve its economic situation.