Worries that Irish bailout loan could hit 6% or higher interest rate

There are worries in the press over the weekend that the bailout loan offered by the IMF and EU could have a higher than expected interest rate of 6% or higher.

Some speculate that it could be as high as 7%.

This would be much higher than the expected 5%, offer to Greece in their bailout loan agreement.

Britain has already offered £7billion as their bailout loan.

The news comes as speculation rises that Ango Irish and Irish Nationwide Building Society will merge their loan books.

Stocks in many of the major banks have dropped to record lows over the last few weeks.

Over the weekend Bank of Ireland ordinary shares are valued at €0.264, with Allied Irish Banks at €0.342.

It is hoped that the Irish bailout loan will benefit the market when it is announced early this week.

The weekend also saw a huge protest in Dublin over the austerity cuts and way the economy has been handled.

Most of the protesters marched from the River Liffy to a rally at the General Post Office.