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The trend, exposed in an investigation by The Times, sparked fears that low-cost Treasury loans available to local councils are fuelling a dangerous boom.
Part of the £2bn aid package the parties secured will be raised through the sale of public assets such as Belfast harbour as well as Treasury loans and grants.
Instead, they put together a package of nearly $40 billion in International Monetary Fund and Treasury loans that could be made without Congressional approval, but tied to stringent conditions.
The £538m debt is made up of £260m in bonds and £278m in Treasury loans, of which £95m will be removed.
As part of the government's deeply unpopular $700 billion bailout program, the funds were set up to remove illiquid securities from banks by matching private capital with taxpayer money and Treasury loans via funds run by private investment managers.
Similar(55)
During the financial crisis, the U.S. Treasury loaned Chrysler $12.5 billion.
Student loans loom.
Student loans are unrelated to family resources.
Federal Housing Administration loans also have refinancing options.
The problem? Student loans.
Ames loans her his handkerchief.
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