Harris welcomes interest rate reduction

Posted July 22nd, 2011 in Dáil Work, Economy

Wicklow Fine Gael TD, Simon Harris, has welcomed the changes in the bailout terms agreed at yesterday’s Eurozone summit. Deputy Harris said, “We committed, in the Programme for Government, to negotiating a more credible bailout programme, and I am delighted we have been successful in accomplishing this objective.”

“The new package has seen out interest rate lowered by 200 basis points (2%), and has extended the loan term to 15 years. This will reduce the cost to the state by between €600 – €800 million per year. While there remain challenging times ahead, the renegotiated package will significantly ease the repayment burden on the state.”

“I welcome the leadership shown on this issue by the Taoiseach Enda Kenny, and would also like to recognise the tenacity and dedication shown by my ministerial colleagues over recent months which ensured Ireland received the best deal possible.”