September 1, 2011 / 10:27 AM / 6 years ago

Finland's collateral deal with Greece off-Ireland

DUBLIN, Sept 1 (Reuters) - Finland’s controversial bilateral deal with Greece has been axed and an alternative agreement is being hammered out, Ireland’s finance minister said on Thursday.

“(The collateral deal between) Finland and Greece I understand that is off the table now. There are other arrangements being made to compensate,” Michael Noonan told a financial parliamentary committee.

Finland reached a bilateral deal with Greece earlier this month on collateral in exchange for loans, sparking requests from some other euro zone countries for a similar arrangement.

Austria criticized the deal, saying all countries should be treated in the same way.

Noonan also said Dublin may have to downgrade its growth forecasts for 2012 when it releases its pre-budget outlook in October.

“It looks now like we will have to revise the projected growth figure for 2012,” he said. “Our figure for 2012 is 2.5 (percent), but with the international situation changing we may have to mark that down, but we are not sure yet.” (Reporting by Carmel Crimmins; Editing by Ruth Pitchford)

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