EU issues 4.6-billion-euro bonds to aid Ireland, Romania

14:43, March 18, 2011      

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The European Union (EU) Thursday issued bonds worth 4.6 billion euros (6.39 billion U.S. dollars) to raise funds for Ireland and Romania.

Ireland will receive 3.4 billion euros under the European Financial Stabilization Mechanism (EFSM), a bailout fund guaranteed by the EU budget, while Romania will get 1.2 billion euros under the Balance of Payments (BoP) facility, which is tailored for non-eurozone member states.

Demands for the bonds, which are rated triple A by the three biggest credit rating agencies, were strong and books were closed within less than two hours, the European Commission said.

"The Commission considers that the successful placement is a sign of continued confidence in the stability measures set up by the EU for dealing with the crisis and it confirms the role of the EU as a prime issuer."

The money raised through the bonds will be offered to the two countries within five working days.

This is the second batch of bonds issued under EFSM to offer aid to Ireland following the initial disbursement of 5 billion euros on January 12, 2011.

According to the rescue plan agreed for Ireland last November, Dublin will receive 67.5 billion euros in loans from the EU and the International Monetary Fund.

Source: Xinhua

 
 
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