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Irish Finance Minister Michael Noonan has laid out plans to repay the country's bailout loans from the International Monetary Fund (IMF), according to Bloomberg news agency on Monday.
The New York-headquartered news agency quoted a letter from Noonan to German Finance Minister Wolfgang Schaeuble, sent on Aug. 27, as saying that Ireland would seek to repay the IMF over the next 18-24 months.
In the letter, Noonan said the repayment would "depend critically on how markets would respond to extra Irish bond sales. "
Ireland's bond yield was now about 2 percent compared to the 5 percent fee on the IMF loans.
In Milan last month, European Union finance ministers reached a provisional deal that would allow Ireland to make an early repayment of IMF bailout loans, saying that an early pay-off of most of the 22.5 billion euros (28.3 billion U.S. dollars) that the IMF lent Ireland as part of its 2010 rescue would help boost the country's recovery.
