Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Following our successful exit from the EU-IMF programme of financial support on 15 December last, we are now subject to EU post-programme surveillance and IMF post-programme monitoring. Twice-yearly review missions are conducted by the European Commission, the ECB and the IMF as part of post-programme monitoring and surveillance.  In this context, the second post-programme review mission took place between 17 and 21 November last.

Post-programme reviews have long been a feature of IMF programmes. In the European context, Regulation No. 472/2013, which is part of what is known as the two-pack, now provides for a similar arrangement for euro area member states in a post-programme situation. This regulation also provides for post-programme surveillance to be conducted by the Commission in liaison with the ECB. This is a different form of monitoring from that which applied during the programme. The objective of post-programme surveillance and monitoring is to assess Ireland's economic, fiscal and financial situation following the completion of the EU-IMF financial assistance programme. The focus of the assessment is on Ireland's ability to repay.

The meetings ranged from technical to policy discussions and were conducted by officials from my Department, the Department of Public Expenditure and Reform, the Central Bank and the National Treasury Management Agency, along with other relevant Departments and agencies. They covered the key areas of macroeconomic outlook and financial sector developments, with particular reference to the recently concluded European comprehensive assessment, the budgetary outlook, structural reform measures and the proposed early repayment of a portion of our IMF loans.

Following the mission, the IMF, the European Commission and the ECB issued statements setting out their preliminary conclusions. The IMF executive board will consider the final conclusions of the review mission in December, with EU consideration expected in January.

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