Troika: Ireland on track to reach bailout targets

Ireland has passed the eighth review of its bailout programme after a joint visit in October by the Troika.

The EC-ECB-IMF mission revised downward their forecast for GDP growth this year.

The Troika said this was a reflection of a lower pace of growth in our trading partners, as well as weaker domestic demand.

It said that Ireland remains on track to reach the targets necessary to comply with the bailout conditions.

But the Troika said concerns remain on the profitability of banks in the medium term and a lack of new lending.

It also criticised the lack of progress by banks in dealing with long term mortgage arrears.

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