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THE EUROPEAN UNION has today issued a €3 billion bond to pay for the latest instalments of the bailouts of Ireland and Portugal.
One third of the proceeds will fund the €1 billion in loans that were approved to Ireland under the last quarterly review of its bailout programme.
The bond, which matures in 15 years, achieved an average yield of 2.621 per cent – barely over half of the interest rate that Ireland would be charged to take out a similar loan by itself.
The funds will be passed on to Ireland and Portugal without any extra profit margin being added by the EU.
The auction was carried out by the European Commission on behalf of the EU under the European Financial Stability Mechanism.
The ESFM is contributing €22.5 billion – or one third – of the €67.5 billion Ireland is receiving under the current funding package. After the €1 billion raised today is passed on, there will only be €800 million left to collect from the EFSM.
Borrowers from Germany and Austria took up 31 per cent of the loans, followed by the UK with 25 per cent and the Benelux countries with 12 per cent. Swiss borrowers took up 10 per cent of the loans.
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Great to hear that small to medium firms could deliver 20,000 jobs however these small companies need to be paid on time for the services they provide and until legislation is in place to protect them the 20,000 jobs will be lost instead of created.
Spin the year out……could , should, would………
3 point plan . Every bit as good as the Famous 5 point plan .
Yet you let the council increase rates by 100% which is closing down loads of business and creating mass losses in jobs then Kenny the coward ignores his promise to remove upwardly only rents. Why do people put up with these liars. Pure s.c.u.m
Best not to hold one’s breath on job creation. This government is already the worst in living memory -YES- and that includes the last one. They have broken every commitment, displayed unseemly incompetence and cowardice and are devoid of any leadership qualities. They are now pussyfooting with the next €3billion promissory note payment due in February. Taoiseach Kenny is a laughing stock all over Europe. Does anyone really believe the economy will grow and create jobs under this government. The SFA is just a lapdog for IBEC. It should break away from its powerful masters and begin to see the wood from the trees. It’s very masters in IBEC have driven Ireland’s cost base into the stratosphere not to mention its role in the banking collapse – the two principle impediments to job creation. Get a life SFA.
20,000 jobs possibly(these people seldom do pessimistic forecasting).
80-100k emigrating, no figures for increasing disemployment due to austerity, and half a million already wasting away on breadlines to soupkitchens.
This is the ‘government’s’ economic plan?
They could but will they very very unlikely with austerity at the heart of irish policy. Just more BS from government.
The domestic economy is in ruins. If you disagree you are either a blue shirt or in denial. I want this country to escape the gloom but lets be honest so far we are not doing a good job of it.
Well I think these guys should take a walk down any street in the country and see the state of retail Ireland not to mention the business parks etc. it’s not a pretty sight, I genuinely fear for the future of Ireland as one of our every growing population of ex pats…
Would it not be quicker to get DPD to deliver the jobs rather than waiting for these small businesses to get set up .. Surely DPD know the best routes by now …. Eh oh right
I do apologise for my apparent lack of humour … Or do 21 people work for fastway maybe …
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