Daily Telegraph on our shame.

Ireland loan won’t add to UK deficit, says Osborne
George Osborne, the Chancellor, said Britain’s bilateral emergency loan to Ireland will not add to Britain’s deficit, and will earn £440m for the public coffers.

A protester outside the Irish Prime Minister’s office in Dublin last month. Photo: AFP
4:46PM GMT 15 Dec 2010
Britain has offered Ireland a loan of £3.25bn as part of its £7bn contribution to an international bailout for the struggling eurozone country.

“If Ireland takes out all the loan that is being made available to them, pays it back with the interest that has been forecast, then they would pay us £440m in terms of fees and interest,” Mr Osborne said.
The Irish parliament approved the €85bn (£72.5bn) bailout package from the European Union and the International Monetary Fund (IMF) this afternoon.
With the support of independent MPs, the Irish government overcame opposition parties who wanted to renegotiate the deal to force some of Ireland’s banking losses onto the banks’ debtholders.
Mr Osborne said that the final detail of the loan had only been agreed early today.
“People ask, of course, why are we extending the loan to Ireland? We are doing this because it is overwhelmingly in our national interest that we have a strong Irish economy and a stable banking system,” said the Chancellor.
“It is not just about the Irish economy and Irish jobs, it is about the British economy and British jobs.”
Ireland is the fifth largest market for British exports.
The European Union rejected suggestions that the interest rate on the loan to Ireland is too high, saying the emergency loan is on preferential terms.
The terms of the loan are similar to those offered by the IMF, the EU said, but acknowledged that the margin is designed to encourage Ireland to return to financial markets as soon as possible.
The EU is the biggest contributor to the €85bn Irish bailout package, agreed last month.
Irish media have said the 5.7pc interest rate that the seven and a half-year loan carries is too high, compared with the rate of around 3pc charged by the IMF.
The European Commission said the IMF’s rate was a floating one while the EU’s is fixed, so the two cannot be compared directly.
Ireland will receive its first EU money in January after the the eurozone’s emergency aid vehicle, the European Financial Stability Facility, issues its first bonds.
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