The final EFSM disbursement of €0.8 billion and final IMF disbursement of €0.6 billion will be decided over the next few days by the Commission and the IMF Executive Board, respectively. (Includes comments by VP Rehn and link to President Dijsselbloem statement.)
We endorsed today the twelfth and final review of the Irish adjustment programme based on the Commission services' draft compliance report.
We congratulated once again the Irish authorities for the steadfast implementation of the programme that is allowing Ireland to return to a path of balanced growth and job creation and to stand on its own feet again.
The imminent completion of the Irish programme is a proof that our strategy is now delivering results. Tribute was paid to the hard work of the Irish people and to the determination with which reforms have been pursued.
We noted that the EFSF has already completed its disbursements to Ireland, reaching the total amount of the approved financial assistance package (€17.7 billion). We now look forward to the final EFSM disbursement of €0.8 billion and final IMF disbursement of €0.6 billion to be decided in the coming days by the Commission and the IMF Executive Board, respectively.
Press release
Speaking at the press conference, VP Rehn said: "To my mind, the successful conclusion of the Irish programme is a strong signal that our common response to the crisis is delivering results. It is also a clear demonstration of what may seem obvious, but sometimes needs to be said explicitly: it is that an adjustment programme has a beginning and an end. And the path between those two points is smoothest when there is determined implementation by the country concerned. This has been the case for Ireland.
Of course, this has been a joint effort. First and foremost by the Irish people and the Irish authorities. But also by Ireland’s partners, who first provided the country with financial assistance and then strengthened their support by eliminating lending margins, and twice extending average maturities on Ireland’s loans to almost 20 years. These steps have further enhanced the sustainability of Ireland’s public debt.
Today, Ireland’s banking sector, which was at the heart of its crisis in 2010 or before and up to 2010, is well on the road to repair, which is essential for a durable recovery, as it is essential for lending to real economy, to businesses and households. And particularly welcome are the latest figures showing that both the fall in unemployment and the pace of job creation have reached their fastest levels in several years in Ireland.
Once it exits the programme, Ireland will move back into the normal economic governance procedures applicable to all euro area Member States. In addition, as is the case for all former programme countries, post-programme surveillance will be carried out in line with the rules agreed earlier this year and set out in the Two Pack
VP Rehn statement
President Dijsselbloem statement
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