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Ireland has successfully concluded the tenth review mission of our EU-IMF Programme. In line with each of the previous quarterly reviews, Ireland has met its commitments and our continued strong programme implementation has been recognized by the Troika.

This review mission, which started on 23rd of April and ended on the 2nd May, has again involved a detailed assessment of the macroeconomic outlook, the fiscal position, and the progress being made on the restructuring of the financial sector and broader structural reforms in line with the commitments set out for the first quarter of 2013. The mission is the first stage in the review process which concludes with consideration and approval by the IMF and the EU in June.

Commenting on the successful conclusion of the 10th review mission, Minister Noonan and Minister Howlin stated:

“Ireland has successfully completed the 10th Review Mission and we continue to meet our targets. Significant progress was made during the first quarter of 2013 in restoring order to our public finances, returning the economy to growth and reducing the overall cost to the taxpayer from the banking and programme related debt. The completion of the Q1 2013 programme conditions brings to over 200 the number of commitments that have been fulfilled on time and we have now drawn down some 85% of the available funding."

Note for Editors

Delivered Actions

Key actions completed in the last quarterly review were:

The introduction of the Land and Conveyancing Law Reform Act 2013

The establishment of targets requiring the principal mortgage banks to offer durable restructuring arrangements for a substantial share of problem mortgage loans during 2013

The publication of guidelines for reasonable allowable household expenditures for debtors under the personal insolvency framework

The publication of a review of developments in the PCAR banks relative to PCAR 2011

Ends