Ireland drew down just over 20 per cent of its €85 billion EU-IMF bailout in the first three months of the year, the Financial Regulator said today.

Ireland applied for the emergency loans last November after it was frozen out of debt markets .

So far, the Government has drawn down a total of €18.4 billion, made up of €5.8 billion from the IMF and €12.6 billion from the European Financial Stability Facility (EFSF), the euro zone's temporary bailout fund.

The regulator said subsequent drawdowns will be subject to Ireland's needs and to quarterly reviews conducted by the European Commission, IMF and European Central Bank.

The troika is scheduled to undertake a review mission in Ireland next month.

The Central Bank in Dublin will this week release stress tests of the four banks it says are viable, revealing how much of the €35 billion set aside for lenders in the EU-IMF deal will be needed for recapitalisation.