How much has Britain committed to Ireland? €9.9 Billion?
Here is a table (link to source) showing how the initial Irish Bailout was made up:
Given that as a rule of thumb Britain contributes approximately 4% to IMF expenditures, and that Britain's share of the total €60 billion EFSM is expected to cost Britain a mere €7.5 billion, read here, (or €5.5 billion here), then we can deduce the following for Ireland from the UK:
Bilateral Loan € 3.8 billion ( Interest rate reduced by about 2% yesterday).
IMF €0.9 Billion
EFSM €2.8 Billion (or €2.1 billion on the lower 5.5 billion EFSM cost)
RBS to BoI €1.7 Billion (Assuming taxpayer losses of only 58% of the €2.9 paid)
Grand Total €9.2 Billion
Quite a price for Britain's taxpayers!
N.B. Update 24/7/11 7:00 am. -The assumption that taxpayers own 58% of RBS was based on out of date information. It is apparently 83%, see here, the taxpayer share of the €2.9 billion advanced to the Bank of Ireland by RBS, to prevent nationalisation by Ireland, is an actual further charge of €2.4 billion, leaving the true total to €9.9 billion. That is about £8.8 billion of British taxpayer liability all agreed without benefit of being either budgeted by, or voted for, in our Parliament.
| Source of Financing | Amount |
| Irish Resources from the National Pension Reserve Fund | 17.5 bn € |
| IMF | 22.5 bn € |
| EFSM | 22.5 bn € |
| EFSF | 17.7 bn € |
| Bilateral Loan UK | 3.8 bn € |
| Bilateral Loan Sweden | 0.6 bn € |
| Bilateral Loan Denmark | 0.4 bn € |
| Total | 85.0 bn € |
Given that as a rule of thumb Britain contributes approximately 4% to IMF expenditures, and that Britain's share of the total €60 billion EFSM is expected to cost Britain a mere €7.5 billion, read here, (or €5.5 billion here), then we can deduce the following for Ireland from the UK:
Bilateral Loan € 3.8 billion ( Interest rate reduced by about 2% yesterday).
IMF €0.9 Billion
EFSM €2.8 Billion (or €2.1 billion on the lower 5.5 billion EFSM cost)
RBS to BoI €1.7 Billion (Assuming taxpayer losses of only 58% of the €2.9 paid)
Grand Total €9.2 Billion
Quite a price for Britain's taxpayers!
N.B. Update 24/7/11 7:00 am. -The assumption that taxpayers own 58% of RBS was based on out of date information. It is apparently 83%, see here, the taxpayer share of the €2.9 billion advanced to the Bank of Ireland by RBS, to prevent nationalisation by Ireland, is an actual further charge of €2.4 billion, leaving the true total to €9.9 billion. That is about £8.8 billion of British taxpayer liability all agreed without benefit of being either budgeted by, or voted for, in our Parliament.
Labels: Ireland
posted by Martin at 8:59 PM
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