February 8, 2011 / 8:27 AM / 7 years ago

Irish banks paying 3 pct on emergency cash-report

DUBLIN, Feb 8 (Reuters) - Irish banks that have received emergency cash from the European Central Bank via the Central Bank of Ireland are being charged an interest rate of less than 3 percent, the Irish Independent newspaper reported on Tuesday.

The newspaper said the rate on the 51 billion euros of emergency cash was about half the 5.8 percent the Irish state is paying for its 85 billion euro bailout from the EU and IMF.

The newspaper also said several sources had said that the government had ‘explicitly’ guaranteed the money, known as the emergency liquidity assistance.

The emergency cash comes from the ECB but is allocated by the Central Bank of Ireland. No one was immediately available to comment at the Central Bank of Ireland on the report.

Reporting by Kate Holton; Editing by John Stonestreet

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