8. EU / IMF Programme Funding
Ireland’s EU / IMF programme provided for €67.5 billion in external support from the International Monetary Fund (“IMF”), the European Financial Stabilisation Mechanism (“EFSM”) and the European Financial Stability Facility (“EFSF”) and other bilateral loans. The final programme disbursement of €0.80 billion from the EFSM took place in March 2014.
Following the agreement of EU member states and bilateral lenders in December 2014, the Agency completed early repayments between December 2014 and March 2015, totalling just over €18 billion (including payments of over €9 billion in 2015).These repayments were made with the agreement of the IMF and no penalties or charges were incurred. As a result all scheduled IMF principal repayment obligations that were originally planned to fall due from July 2015 to January 2021 were discharged.
The liabilities outstanding under the EU / IMF Programme at end 2016, taking into account the effect of currency hedging transactions, are as follows:
| Lender | 2016 €m |
Weighted Average Residual Maturity Years |
2015 €m |
Weighted Average Residual Maturity Years |
|---|---|---|---|---|
| International Monetary Fund | 4,354 | 5.0 Years | 4,348 | 6.0 Years |
| European Financial Stability Facility | 18,411 | 16.1 Years | 17,881 | 17.1 Years |
| European Financial Stabilisation Mechanism | 22,500 | 10.1 Years | 22,500 | 11.1 Years |
| United Kingdom Treasury | 4,033 | 3.2 Years | 4,018 | 4.2 Years |
| Kingdom of Denmark | 400 | 3.6 Years | 400 | 4.6 Years |
| Kingdom of Sweden | 600 | 3.6 Years | 600 | 4.6 Years |
| Total | 50,298 | 49,747 |
The maturity extensions to loans from the EFSF agreed in June 2013 are reflected above. While maturity extensions to loans from the EFSM were also agreed in 2013, the revised maturity dates will be determined as they approach their original maturity dates. During 2015 one EFSM loan reached its original maturity date and that maturity date was extended. Accordingly the maturity of the EFSM loans disclosed reflects only the maturity extensions agreed to date. It is not however expected that Ireland will have to refinance any of its EFSM loans before 2027.
The change in the liability outstanding to the EFSF between end-2015 and end-2016 reflects the payment of the €530 million pre-paid margin deducted from the initial drawdown in 2011. In July 2016 a total payment of €555 million was received from the EFSF representing the €530 million pre-paid margin, €70 million accumulated investment return less €45 million due to the Member State Guarantors. The investment return of €70 million is reflected in Interest Received and Other Income and the €45 million as part of Interest Paid in the Debt Service Statement.