The Government's plans to repay our International Monetary Fund (IMF) bailout loans ahead of schedule have been approved by EU ministers meeting in Italy.
The move means Ireland now stands to save €1.5 billion over the next five years, after Ecofin ministers made the agreement in Milan this afternoon
The plan was backed unanimously by all 27 EU finance ministers.
The move would see Ireland borrowing more money at a cheaper rate, and then using that money to repay the more expensive IMF loans.
The deal involves repaying up to €18 billion of IMF loans with cheaper funding from the international markets.
Interest rates are currently much lower then when the loans were agreed as part of Ireland's bailout in 2010.
Finance Minister Michael Noonan says he's hopeful that the NTMA will be in a position to refinance the first part of our IMF loans by the end of this year.
His cabinet colleague, Children's Minister James Reilly, says the savings will be reinvested in domestic job creation:
Originally posted 8:26am