The five billion euros of bonds over five years have been subscribed within an hour and demand was three times the amount offered, according to the European Commission.
The amount raised will be granted to Ireland within five working days as part of the 22.5 billion euros (29.4 billion dollars) committed under the European financial stabilization mechanism (EFSM) with the support of the budget of the European Commission.
Finance ministers of the EU endorsed a financial support plan of 85 billion euros (about 111 billion dollars) to Ireland in November 2010. Out of the 85 billion euros, the EU will raise 40.2 billion (52.6 billion dollars) via the EFSM, the International Monetary Fund (IMF) will provide 22.5 billion (29.4 billion dollars) while UK, Denmark and Sweden will together provide 4.8 billion euros (6.2 billion dollars) in the form of bilateral loans. Ireland will provide the residual amount: 17.5 billion euros (22.9 billion dollars).
