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13 December 2013

Commission publishes final review of programme for Ireland – gives green light for final disbursement


The Commission adopted a decision authorising the final disbursement under the financial assistance programme for Ireland. The disbursement amounts to €0.8 billion (from the EFSM) out of a total of €67.5 made available over the past three years from the EFSM, the EFSF, the IMF and bilateral loans.

Marking this important moment President Barroso said: "I congratulate the Irish government and the Irish people for this achievement. Thanks to their efforts and sacrifices, Ireland will now be able to finance itself through its own efforts. Today's result would not have been possible without the solidarity and significant financial support of the other EU Member States. I would also like to pay tribute the efforts and contribution of the European Central Bank and the International Monetary Fund to the wide-ranging reform programme, which has now been successfully completed.

I am proud of the efforts and contribution of the European Commission. We have stood by Ireland throughout, including through our insistence on the lengthening of maturities and on the reduction of the interest rate. Ireland's success sends an important message – that with determination and support from partner countries we can and will emerge stronger from this deep crisis."

Vice-President Rehn said following the last Eurogroup: "The successful conclusion of the Irish programme is a strong signal that our common response to the crisis is delivering results".

EXME 13 / 13.12

Barroso's statement

ECFIN-report


Writing in the December EFSF/ESM newsletter, ESM chief Regling said: "For the EFSF and the ESM the end of the financial assistance programmes [for Ireland and Spain] also marks the start of a new role. On behalf of all the euro area Member States, it must be ensured that beneficiary countries are in a position to repay their loans. This is a task assigned to the ESM by the ESM Treaty. We will work closely with these countries and the European Commission in designing and implementing what is called the “Early Warning System”.

Although there will be no more disbursements to Ireland and Spain, the EFSF and ESM will continue to roll over the existing debt until all the loans have been repaid. Therefore, the EFSF and ESM will remain important issuers for many years to come and will continue to offer investors a wide range of investment opportunities across all maturities.

As countries get back on their feet, our job as the financial backstop will have to evolve but our mission to contribute to financial stability of the euro area will remain the same.

Full newsletter

EFSF-Ireland's exit


Statement by German government

Solidarity with Ireland – on the part of Germany and all of its European partners – remains steadfast. This is reflected, among other things, in the joint German-Irish initiative to improve financing conditions for small and medium-sized Irish businesses. Germany’s KfW bank is already in contact with Irish authorities to deliver concrete results in this area as quickly as possible.

Full statement



© European Commission


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