Pearse Doherty (Donegal South West, Sinn Fein)
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Question 61: To ask the Minister for Finance if he will provide a detailed report on his ongoing discussions with his ECOFIN colleagues regarding the renegotiation of the EU-IMF austerity programme. [14225/11]

Michael Noonan (Limerick City, Fine Gael)
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Following the formal review mission from the European Commission Services, the IMF and the ECB, which took place between 5 and 15 April 2011, the EU/IMF Programme was updated to take account of implementation and developments since the programme was first agreed in November 2010. It was also amended to reflect Government policy priorities. The revisions were approved by Eurogroup on 16 May 2011, ECOFIN on 16 and 17 May 2011 and by the IMF Executive Board on 16 May 2011. The procedure for further amendments to the EU/IMF Programme will mirror the process that we have just gone through as outlined in the paragraph above. In other words, negotiations on changes to the conditionality take place, in the first instance, during the formal quarterly review missions. These missions also assess the level of compliance with the Programme. The output from these missions consists of: - a full set of revised Programme documents that reflect the delivery of conditions to date and amendments if any that are made, on an agreed basis, to conditions with future delivery deadlines. It should also be noted that new conditions may be added, particularly as follow-on conditions that flow from delivered conditions; and - compliance reports that are prepared separately by the IMF and the European Commission Services.

After each quarterly mission, the IMF Executive Board considers the revised Programme and the compliance report prepared by their staff. Similarly, Eurogroup and ECOFIN, after it has already been through various working groups, consider the revised Programme and the compliance report prepared by the European Commission Services. Any outstanding issues relating to conditions, i.e. conditions that had not been agreed during the review mission or at the subsequent working group meetings preparing items for the Eurogroup and ECOFIN agendas, would be considered by Eurogroup and ECOFIN. This has not been necessary in relation to the EU/IMF Programme for Ireland.

However, I do take the opportunity at Eurogroup and ECOFIN to update my colleagues on any relevant developments while confirming that we are taking all of the necessary steps as well to meet our commitments under the programme.