Drawdown of bailout funds leaves vast exchequer cash

Ireland has already drawn down over €23 billion of the funding available under the EU/IMF bailout, leaving the exchequer with significantly excess cash.

4th June, 2011

Ireland has already drawn down over €23 billion of the funding available under the EU/IMF bailout, leaving the exchequer with significantly excess cash.

Drawing down this money so quickly will increase the cost of the bailout, as interest must be paid from the date the money is drawn down .

The IMF normally insists that countries being bailed out withdraw a significant sum of cash in the early months, partly as a sign of commitment...

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