And what about that bilateral loan from Mr Osborne then?

David Blackburn has picked up a nice wee snippet. Apparently the Department of Finance in Dublin reckon the interest rate of the loan they struck with George Osborne is automatically dependent upon the rate sent by the ECB/IMF… HMG begs to differ… It would seem that someone’s got it wrong…

The pari passu arrangement might be interpreted to mean that changes to the senior mechanism affect the junior facilities to some extent. And, according to Chris Leslie MP, that was the Treasury Select Committee’s understanding when it scrutinised the bill last December. If that is what pari passu means in this context, then I suspect that George Osborne will have a job in pacifying the Tory right, among others. Politically, the bi-lateral loan was packaged as a short-term investment over 7 and a half years. Osborne told parliament on 15th December 2010, totally accurately at the time, that the first tranche of the loan will be repaid this September at an interest rate of 5.9 per cent. It will be interesting to see if that now proves to be the case.

Mick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty