Written answers

Tuesday, 4 October 2011

Department of Finance

Expenditure Reviews

8:00 pm

Photo of Micheál MartinMicheál Martin (Cork South Central, Fianna Fail)
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Question 169: To ask the Minister for Finance his views on the report of the third review of the financing programme completed last week; and if he will make a statement on the matter. [21422/11]

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Question 185: To ask the Minister for Finance if he will provide a report of his meetings with the EU/IMF delegation during their recent visit here; and if he will make a statement on the matter. [21413/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 169 and 185 together.

I presume the Deputies are referring to the third review of the EU / IMF Programme of Financial Support for Ireland which took place from 6th to 14th July 2011.

I met with the EU-IMF delegation during the third quarterly review on 8th and 14th July 2011. These meetings were also attended by my colleague, the Minister for Public Expenditure and Reform, Brendan Howlin T.D., and senior officials from both Departments. The primary focus of this review was on our performance against the targets due by end June 2011 and assessing progress on targets due in subsequent quarters. The mission itself comprised of a series of meetings to evaluate all the elements of the programme including the fiscal developments, the macroeconomic outlook, progress on commitments in the restructuring of the financial sector and structural reform.

The conclusion of the third review was that Ireland is meeting all of the conditions and targets of our programme, that the programme is on track and that Ireland is making progress. We have met the fiscal, banking and structural reform targets on time. Indeed, implementation of some of the financial sector reforms occurred ahead of schedule, including:

· the legal merger of Allied Irish Bank and EBS Building Society which was completed on 1st July 2011, well ahead of the end September 2011 deadline.

· the merger of Anglo Irish Bank and Irish Nationwide Building Society to form the Irish Bank Resolution Company (IBRC) which was completed on 1st July 2011, well ahead of its scheduled end December 2011 deadline.

The third review was completed successfully on the 2nd of September when the IMF Executive Board and the ECOFIN Council approved the completion of the third quarterly review. This enables the next disbursement of the agreed funding by the IMF and the EU's funding mechanisms.

The strong start we have made to delivering on Ireland's programme commitments has been maintained and it remains the Government's key priority. This performance and the Government's continuing commitment to keep the programme on track is the best way to ensure that we emerge successfully from this programme. That will mean that we can return safely to the financial markets for funding in as timely a manner as possible.

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