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.
