Ireland has paid off €5.5 billion worth of bailout loans ahead of schedule.

The National Treasury Management Agency completed the early repayment of €4.5 billion in outstanding loans to the International Monetary Fund, as well as repaying €1 billion in bilateral loans from Sweden and Denmark.

The IMF loans were originally to fall due from January 2021 to December 2023, while the due date for the bilateral loans was September 2019 to May 2021.

The early repayments will reduce the Exchequer's debt servicing bill by around €150m over the remaining lifetime of the loans.

Ireland still owes €44.9 billion in bailout loans to the EU/IMF.

Minister for Finance Paschal Donohoe said the early repayments "mark a further significant milestone for Ireland in its continued robust economic recovery".