Finance Minister: EU and IMF loan profits “excessive”

It was reported today that the EU and IMF stand to gain as much as  €9billion in profit over the course of the €67.5billion bailout loan.

Speaking in the Dail it was reported that the Finance Minister Michael Noonan thought this was “excessive”.

There is still ongoing uncertainty regarding the stability of the Euro-zone following the Greek bonds crisis.

This has lead to fears there could be a knock-on effect on other states including Ireland, which could even force a second bailout loan.

This week members of the EU/IMF group will come to Ireland.

“It is the Government’s strong position that the margin being charged on loans? excessive,” it was reported Michael Noonan replied to Sinn Fein spokesperson Pearse Doherty.

The interest rate on the bailout loans fluctuate depending on market rates, and have reached higher than 6%.

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