EC/ECB/IMF review mission approves Ireland bailout funding
A further €3bn instalment in bailout funds has been officially approved for Ireland today.
Following a joint EC/ECB/IMF review mission in Dublin during April 5-15, the European Commission assessed Ireland's programme implementation vis-a-vis specific economic conditionality for the first quarter of 2011.
"Ireland's programme is on track," said the statement.
"Agreed fiscal targets were met for 2010, and the fiscal data so far in 2011 suggests that the 2011 10.6% of GDP deficit target, is within reach."
"A comprehensive strategy to recapitalize, restructure and refocus the viable domestic banks was announced by the Irish authorities in the wake of a comprehensive and appropriately conservative stress test, conducted by the Central Bank of Ireland with the support of independent advisors and in close consultations with programme partners.
"Moreover, important steps were taken towards the achievement of the programme's structural reform objectives, e.g. with the launching of an independent review of sectoral labour arrangements."
In their report, Commission services praise the new Government for their commitment to the programme objectives and the progress made so far.
It was cautioned however that strict programme implementation, including of planned reforms to the fiscal framework, is key to "assuage lingering concerns on Ireland's debt dynamics".
The overall EU financial assistance to Ireland (including through bilateral loans from UK, Sweden, and Denmark) totals to €45bn over three years.
