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Overseas Loans: Republic of Ireland

Question for Treasury

UIN HL14660, tabled on 19 March 2019

To ask Her Majesty's Government why they granted a bilateral loan of £3.2 billion to the government of the Republic of Ireland in 2010.

Answered on

2 April 2019

As the then Chancellor said at the time, the government agreed in 2010 to provide a bilateral loan to Ireland because it was overwhelmingly in the UK’s national interest to have a strong Irish economy and stable banking system. The links between our financial systems, particularly in Northern Ireland, mean that there was a strong economic case to provide financial assistance to Ireland. By being part of the international financial package, the UK indirectly supported the very many businesses across the UK that trade with Ireland.

Answered by

Treasury