Ireland is to get an interest rate cut on the emergency loans it has acquired from EU bodies, the BBC has learned.
Currently, Ireland pays an average rate of 5.8% on loans agreed with the IMF, fellow Eurozone countries and a special fund set up by the European Commission.
It is unclear how much of a cut this will entail, but a 1% cut could be worth up to 400m euro ($572m; £349m).
Sources say a special written procedure will be adopted ahead of the meeting of EU finance ministers on 17 May.
This speeds up the implementation of a rate cut as it would bypass the need for a full vote by all 27 EU commissioners on the matter.
Concessions?
Although Britain is not a member of the Eurozone, it would be involved in any agreement to change Ireland's bail-out loans.
That is because the UK pays into the European Financial Stabilisation Mechanism as part of the EU Commission's budget affecting all 27 member states.
Britain is also making a bilateral loan to the Irish government of £3.2billion (€3.8bn).
Last November, Ireland applied for a package of loans from the IMF and EU worth €85bn - €17.5bn of which comes from Ireland's own National Pension Reserve.
It is unclear what type of concessions Ireland will have to make under the terms of any rate reduction.
http://www.bbc.co.uk/news/business-13321551
Note: Update Record, 7 May 2011 Last updated at 12:22 GMT