Question to the HM Treasury:

To ask Her Majesty’s Government, in the discussions which preceded the loan of funds to the Republic of Ireland as a result of the recent banking crisis, what restrictions were placed on their use.

The UK provided a bilateral loan to Ireland as part of an international assistance package, designed to stabilise the Irish economy and public finances. The UK bilateral loan was not limited to specific purposes but contributed to Ireland's general government financing.

In accordance with the Loans to Ireland Act 2010, HM Treasury reports to Parliament every six months including information on principal and interest payments.

I refer the noble Lord to the report laid on 13 October 2014 which is also available online, alongside all previous reports submitted by HM Treasury^[1].

^[1] These reports are available in the Library of the House and can be accessed on the following site: https://www.gov.uk/government/collections/bilateral-loan-to-ireland