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Successful completion of Quarter 1 2012 Review of the EU/ IMF Programme

Ireland has successfully concluded the sixth review of the Programme with the EU Commission, the ECB and the IMF.  In line with each of the previous five quarterly reviews Ireland has continued to achieve all of the targets set under our programme of assistance.

As part of the review mission, which begun on 16


April, there has been a detailed assessment of fiscal developments, the macroeconomic outlook, progress on commitments in the restructuring of the financial sector and in structural reform. The review also provides for discussions between the Government and the external partners on adapting the Programme of Assistance, which improves its effectiveness by supporting the economy’s potential to grow and create jobs. 

 On welcoming the successful conclusion of the review, Minister Noonan and Minister Howlin stated: 

“We are pleased that we have met our targets, all measures have been implemented and the programme is on track. This successful outcome illustrates, once more, the ability and the commitment of the Irish State to implement a challenging programme effectively…Over 100 actions have been completed under the programme and over 70% of the available funds have been drawn down. Stability has been restored to the public finances, a range of structural reforms have been introduced and the financial sector is refocused on meeting the needs of the Irish economy.

Minister Noonan stated:

 “Agreement has been reached, in line with the programme commitments, on the strategic direction for Permanent TSB, with a formal Restructuring Plan to be submitted to the European Commission by the end of June. The objective of this plan is to create a viable retail bank focused on lending into the Irish economy.  This will be achieved by carving out a viable bank from the current Permanent TSB business. 

On the wider banking sector we remain committed to preparing our banks for the future and ensuring their capital strength. The Government’s overall objective is to return the banks to private ownership and to maximize the return on the taxpayer’s investment in the banks.

 Minister Howlin on the conclusion of the visit stated;

 “For the sixth consecutive review Ireland has met the challenging targets under the programme. We are committed to achieving economic recovery and creating more jobs. We have agreed with the Troika that a higher proportion of the proceeds from the sale of state assets will be used to support jobs and economic growth. The exact quantum (above the 1/3 of proceeds already agreed) is yet to be determined but I am confident that we will be successful in this regard. We need to implement the plan but also we need economic stimulus and growth; I welcome the acknowledgement of our troika partners of the importance of the growth agenda to the overall success of the programme.


Read the full press release here

Minister Howlin spoke to about the review. Watch the video below...