The IMF and EU agencies will be making €9bn (£8.1bn) profit by the existence of the loans drawn down to Ireland.

Finance Minister Michael Noonan, exposed that the international organizations will be able to take a hefty amount once the €85bn in loans will be drawn down.

As a part of mutual deal between Ireland and British Government, the British administration has the authority to send its auditors and the accountants to examine the records. Also, it also asserts that in case the Ireland drops out the euro than the UK government will be paid totally in sterling and any other new Irish currency will not be accepted.

The progress has been as the IMF-EU bailout team went back to Dublin today to initiate the scrutiny of the government that whether it is fulfilling the conditions of the €85bn programme. In the meeting, the development of public sector reforms and amendment in wage-setting systems for low wage earners were discussed.

Mr. Noonan notified, “he may have to slash €4bn from Government spending next year to meet the IMF-EU budget deficit target, rather than the €3.6bn previously flagged”. According to him, the international organizations prefer that the deficit should be brought down to 8.6pc of gross domestic product in 2012.