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Ireland says may need 15 billion euro funding by end 2013
Ireland may need up to 15 billion euros (13 billion pounds) in funding by the end of 2013, the head of the debt management agency said on Friday.
Asked if Ireland would need that much ahead of a bond repayment in early 2014, John Corrigan said that was “in the right ball park” but at the upper end of the range.
He said it was not possible to say when Ireland would return to longer-term debt markets.
“There is no box with a secret plan with a rate and a date, it has to be driven by market circumstances,” Corrigan told a parliamentary committee.
Corrigan said that the cut in Ireland’s interest rate from the European Union could save the country around 830 million euros in 2012 and 1.1 billion per year after that, but said the details had yet to be worked out.
The chief executive of Ireland’s National Asset Management Agency , Brendan McDonah, told the same meeting that he expected his agency to post a pre-impairment profit of at least 500 million euros.
(Reporting by Conor Humphries)
What about all them promises Enda Kenny?? I bet the Irish people will have to pay that back for decades to come.