The vote follows on from similar agreements made with the UK and Denmark. It has political backing from fellow euro zone Member States.
“I welcome the Swedish Parliament’s decision to agree to the waiver for Ireland’s proposed repayment of a portion of its IMF loan and the confirmation by the Swedish Government that was provided today. We have already received confirmation of waivers from the UK and Denmark. Our EU and bilateral lenders have been very supportive of the government’s objective of improving Ireland’s debt sustainability since I discussed this issue with them in early September,” said Mr Noonan in a statement.
“Significant progress has been made on this project since agreement in principle was secured at the informal Ecofin in Milan in September to replace expensive IMF loans with cheaper, low cost market funding. There are real and tangible benefits to Ireland from this transaction, and I would like to take the opportunity to thank Sweden for their continued support for Ireland,” he added.
Ireland plans to repay approximately €18.3 billion of IMF loans ahead of schedule. It is believed the Government is likely to follow the first repayment with a bond issue in January with a view to repaying a further €9 billion-€10 billion of the IMF debt early next year. The remainder of the IMF debt would not be paid off early as the relevant rate of interest – just above 1 per cent – is lower the than current market rate.
Separately, the NTMA said its auction on Thursday drew bids that amounted to €1.875 billion, approximately 3.75 times the amount on offer.
Typically, the NTMA’s short term paper has been issued with a maturity of three months.
Earlier this month the NTMA raised €3.75 billion in 15-year bonds , the first time it has issued debt of this maturity since 2009. The debt was issued at an interest rate of 2.487 per cent, the lowest level ever for Irish 15-year bonds.
This piece is well hidden in the Irish times as everybody is still focused on the Irish water fiasco but this is not good news! It is a betrayal of the Irish nation as this is an exercise by this traitor Noonan to legalize the odious debt forced on the people of Ireland by the previous gangsters of the last government! We the people of Ireland do not recognize this illegal move by this bought and paid for collaborator of the private gamblers /speculators and bondholders. We the people of Ireland were suckered into paying 47% of the cost of saving the EURO and we are no seeing Noonan try and wrap this odious debt into a legal obligation on to the next Government! We are been set up again and this traitor is cementing the next 3 generations into financial slavery!
The Next government must take legal proceedings against the ECB and any and all of its officers involved in the blackmailing of the Irish nation an exercise that made financial slaves of me and my children and their children! These proceedings must be taken to the European court of justice as such actions of the ECB are a direct violation of the spirit of the Lisbon treaty and all earlier treaty’s! A concerted PR effort should be mounted across the continent of Europe and the peoples of Europe must be made aware of this gross injustice (the financial enslavement of an entire Nation) and the hope is the peoples of the different nations will pressure their governments to pay back the people of Ireland and compensate us for the past 6 years of financial enslavement! Even the people of Germany think we took this enslavement lying down! Time for us now to get up off our knees and demand restitution and take back our self-respect!
Anyone who is willing to allow this political self-serving parasite continue in power is equally guilty of this appalling fraud on the Irish nation! We owe it to our children and the next generation to make a stand against a totally corrupt system! We must now make it clear that the next government must bring prosecutions against these collaborators and every one of these parasites must have their state pensions withdrawn and all of their personal assets taken away as they have accumulated this wealth through criminal actions! This is unbelievable, how much more are we going to take for God sake???