document: Ireland to seek rate cut for EU bailout next week : Report LONDON : Irish finance minister Michael Noonan will seek to lower the interest rate charged on the eurozone nation 's multi-bn-euro EU-IMF bailout next week , the Irish Times said Saturday . Noonan will press for a cut in the loan rate when EU finance ministers hold an informal meeting in Budapest on April 7-9 , the paper said , citing sources at the Department of Finance . The news comes after the Irish Central Bank ruled Thursday that four lenders needed to raise another 24 bn euros -LRB- $ 34 bn -RRB- to withstand another crisis , after carrying out vital stress tests as a condition of the bailout . '' `` He -LRB- Noonan -RRB- will be explaining the results of the stress tests and the actions that the government is going to take , '' '' the Irish Times quoted a source as saying . '' `` Debt sustainability is important . Running down the interest rate can help that . '' '' The Central Bank had also ordered a drastic overhaul of the eurozone nation 's stricken banking sector on Thursday , as the total cost of bailing out its lenders was set to top 70 bn euros . Ireland , plagued by banking worries , was rescued last year with a huge 85-bn-euro -LRB- $ 115-bn -RRB- bailout package , which included a contribution of 67 bn euros from the European Union and International Monetary Fund . The last Irish government was kicked out by voters earlier this year amid deep-rooted public anger over the humiliating deal . The new administration , headed by Prime Minister Enda Kenny , wants partners to lower the average 5.8-percent interest it must pay for international financial assistance . However , eurozone leaders have so far refused to give Dublin the same leeway as Greece , which saw a one-percentage-point interest rate cut and its repayment period extended last month . Kenny has vowed to resist EU pressure to raise Ireland 's cherished 12.5-percent corporation tax rate , in return for easier terms on the rescue package . The rate is considerably lower than other European countries , sparking accusations from EU leaders that it gives Ireland an unfair advantage and makes Dublin 's problems worse because the government loses revenue . Meanwhile , staff from the European Commission , the European Central Bank and the International Monetary Fund will arrive in Dublin on Tuesday to review the bailout programme .
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