IMF/EU to make €13 billion on Irish loan, says Sinn Fein

Issue 

Speaking in response to new figures released by the Department of Finance, Sinn Fein Finance spokesperson Pearse Doherty said the total European Union/International Monetary Fund (EU/IMF) profit on loans to Ireland will exceed €13 billion.

The figures were released in response to a parliamentary question submitted by Doherty.

He said: “Last week Minister for Finance Michael Noonan admitted that the total profit being made by our European partners from the 3% surcharge on [the Irish bailout] loans would be at least €9 billion.

“This is a cautious estimate based on a full draw down over seven and a half years and may increase if the cost of borrowing at EU level increases as predicted by some economists.

“Last night the Department of Finance confirmed that the IMF is set to make an additional € 4.6 billion profit on its mark up on loans provided to Ireland under the EU/IMF program …

“Taken together the EU, European member states and the IMF will make more than €13.6 billion profit from loans extended to Ireland under the EU/IMF austerity programme.

“People across the country will be shocked to learn the scale of the profit being creamed off by our European partners and the IMF …

“It is time for the [prime minister] to start standing up for the interests of the Irish people … he needs to send a clear signal he is no longer willing to accept such naked profiteering and that he will no longer pay these outrageous surcharges.”

[Abridged from www.sinnfein.ie .]

Sinn Fein protest against IMF/EU austerity outside the EU headquarters in Dublin, July 14.

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