Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide details of the precautionary line of credit from the ESM and IMF currently under consideration with the Troika as part of our exit strategy from the EU/ECB/IMF programme of assistance; if it is his objective to secure such backstop funding; the conditionality that may be attached; and if he will make a statement on the matter. [4722/13]

Michael Noonan (Limerick City, Fine Gael)
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As I outlined in my reply to similar question from the Deputy yesterday, Ireland is entering the final year of our EU/IMF programme of financial assistance and we are preparing to exit that programme. By way of information, both the IMF and the European Stability Mechanism (ESM) can provide precautionary financial assistance.

The ESM Treaty provides, in Article 14, that the Board of Governors may decide to grant precautionary financial assistance in the form of a precautionary conditioned credit line (PCCL) or in the form of an enhanced conditions credit line (ECCL). The Treaty also provides for the conditionality, terms and conditions to be attached to such assistance. Further information in relation to these instruments is available on the ESM website at .

The IMF has a number of precautionary or stand-by type facilities including Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), the Extended Funding Facility (EFF) and the Stand By Arrangement (SBA). These different instruments are designed to address different sets of circumstances, and the terms and conditions attaching to them are structured accordingly. Further information on these instruments is available on the IMF website at .

At the end of the eighth EU/IMF review mission, in October, I indicated that we would be discussing the measures necessary for a successful exit with the Troika. Discussions with Troika officials on exit options will be part of the ninth review mission, which started yesterday. All relevant options will be considered in the light of what is appropriate for Ireland, including the terms and conditions attaching to them. Evidently this will require further consideration and no decisions have been taken to date.