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EU bonds for Ireland bailout well-received on market
Date: 2011/1/10 Click: 1758
The first batch of bonds issued by the European Union (EU) to raise money for Ireland on Wednesday were well-received on market.

The 5-billion-euro (6.5 billion U.S. dollars) five-year bonds were sold out within one hour and the demand was three times the amount being offered, according to the European Commission.

The money will be offered to Ireland within five working days as part of the 22.5 billion euros (29.4 billion dollars) to be provided to Dublin under the European Financial Stabilization Mechanism (EFSM), which was backed by the budget of the European Commission.

The European Commission announced last month that the European Financial Stability Facility (EFSF), which was set up by eurozone countries in May last year, will also issue bonds later this month to raise money for the bailout package to Ireland.

EU financial ministers endorsed an 85-billion-euro (about 111 billion dollars) aid package to Ireland in November last year. Among the 85 billion euros, the EU will raise 40.2 billion (52.6 billion dollars) through EFSM and EFSF, the International Monetary Fund (IMF) will offer 22.5 billion (29.4 billion dollars), while Britain, Denmark and Sweden will together provide 4.8 billion (6.2 billion dollars) in the form of bilateral loans. And Ireland will contribute 17.5 billion euros (22.9 billion dollars) to help itself.
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