IRISH BAIL-OUT'S THREE SOURCES - Euro zone leaders are set to agree a 'competitiveness pact' at today's summit, and will push Portugal to announce new reforms as leaders try to draw a line under the euro zone debt crisis.
It is Taoiseach Enda Kenny's first EU leaders' summit in Brussels - and his first official go at renegotiating the terms of the EU/IMF bail-out.
Economic researcher Lorcan Roche Kelly says Ireland's bail-out money is coming from three sources. The European Financial Stability Mechanism is borrowing money at a 2.59% rate, but is charging Ireland an extra 2.925%.
The European Financial Stability Fund is backed by euro zone countries only. This is a €440 billion fund, but because it needs guarantees to maintain a top AAA credit rating, it can borrow only a maximum of €366 billion and lend €265 billion.
Mr Roche Kelly says the IMF is not rich and has to borrow money itself, as it usually lends to smaller economies.
Asked about Enda Kenny's chance of renegotiating the deal, he says there will have to be a quid pro quo. He says this may come over a proposal for a common consolidated corporate tax base - where companies would have their tax centrally calculated and then allocated to each country.
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CURRENCIES - On the currency markets, the euro is trading at €1.38 and 86p sterling.
