Paschal Donohoe said the government hopes to save around €150m by refinancing its loans.  

The repayments, announced last Thursday, consist of €4.5bn of IMF loans, €600m to Sweden and €400m to Denmark, subject to agreements of their governments.

The loans were part of a €67.5bn bailout after the property crash in 2010.

Donohoe said: “Ireland greatly appreciates the support and assistance from the IMF and our European partners, which was provided at a time of great uncertainty for our country and which was key to our path to recovery. Their support, friendship and solidarity will not be forgotten.”

But Ireland will not seek early repayments of its €3.8bn British bilateral loan, Donohoe said, as it fixed terms will not allow for further savings.

The minister said IMF managing director Christine Lagarde confirmed support for the early repayments, which require additional agreement from European leaders to waive the proportionate early repayment clauses in the respective loan agreements.