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”), the European Financial Stability Facility (“EFSF”) and other bilateral loans.

Following the agreement of EU member states and bilateral lenders in December 2014, the Agency made early repayments between December 2014 and March 2015, totalling just over €18 billion. In December 2017, following the agreement of EU member states and bilateral lenders the Agency completed the early repayment of the remaining IMF loan facility and the bilateral loans from both Sweden and Denmark. The repayment of approximately €4.5 billion discharged all of the remaining IMF principal loan obligations that were originally to fall due from January 2021 to December 2023. The repayment of €1 billion bilateral loans from Sweden (€0.6 billion) and Denmark (€0.4 billion) discharged loan obligations that were originally to fall due from September 2019 to May 2021.

The liabilities outstanding under the EU/IMF Programme at end 2017, taking into account the effect of currency hedging transactions, are as follows:

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. 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.

1. ⁴The 2017 residual balance in respect of the IMF reflects cashflows due subsequent to the year-end.

< NOTE 6

NOTE 8 >