Written answers

Tuesday, 21 May 2013

Department of Finance

EU-IMF Programme of Support Negotiations

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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299. To ask the Minister for Finance the extent to which he is satisfied that Ireland will be in a position to exit the bailout programme on time; and if he will make a statement on the matter. [24394/13]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, we are now in the final year of our programme. The focus of Government is to achieve a successful exit from the Programme and a sustainable return to market based funding. We continue to meet the conditions set under the programme and our strong implementation record has been recognised by our external partners and has given confidence to the financial markets. We continue to move towards the goal of fully regaining durable and sustainable market access during 2013. The continuation of regular Treasury Bill auctions which recommenced last July, and our bond issues to date are positive steps in this direction. The issue, in January 2013 of an existing 5-year bond in an amount of €2.5 billion at a yield of 3.32% and the issue in March 2013 of a new 10-year bond at yield of 4.15% is a clear demonstration of this progress. Ireland will be the first country to exit an EU/IMF programme of this type. In this context, discussions on Ireland’s exit from the Programme took place during the recent 10th review mission and some further clarity on the possible options that might be available in terms of exit strategy was achieved. All options will be considered in the light of what is appropriate for Ireland. Evidently, this will require further consideration and no decisions have been taken to date by Government.

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