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<p>In accordance with the Loans to Ireland Act 2010, HM Treasury reports to Parliament every six months with information on the UK's bilateral loan to Ireland. The loan of £3.2 billion (€3.8 billion) was agreed in 2010 and disbursed in eight tranches of £403.7 million each; one in 2011, four in 2012 and three in 2013. The final tranche was disbursed on 26 September 2013.</p><p>The UK's bilateral loan was provided as part of a broader Economic Adjustment Programme for Ireland, which included a joint financing package of €67.5 billion comprising contributions from the European Financial Stabilisation Mechanism (EFSM) of €22.5 billion, an additional €17.5 billion from euro area member states under the European Financial Stability Facility (EFS-F) as well as funding from the IMF of €22.5 billion. There were also bilateral contributions from Sweden and Denmark of €0.6 billion and €0.4 billion respectively. Excluding the UK's bilateral loan, €33.89 billion was disbursed in 2011, followed by €20.22 billion in 2012 and €6.36 billion in 2013 with further disbursements to be made later this year.</p> |