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EU OKs Ireland's early repayment of remaining IMF debt

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EU OKs Ireland's early repayment of remaining IMF debt

The European Commission and the European Financial Stability Facility, or EFSF, on Nov. 27 gave the go-ahead to Ireland's plans of paying off the remaining €4.5 billion in bailout loans from the International Monetary Fund early.

Ireland, which has already repaid €18 billion of loans from the IMF, according to the Financial Times, will also pay back €1 billion in bilateral loans from Denmark and Sweden early.

The early repayments are expected to save Ireland about €150 million in debt servicing costs and increase the European Central Bank's purchase capacity for Irish bonds as part of its quantitative-easing program.

Under Ireland's €67.5 billion rescue package, eurozone member states have to approve early repayments and waive their right to receive payments early.

Repayments of €3.5 billion in loans from the U.K. are due in 2019 and 2021, the FT noted.