Saturday 29 April 2017

Troika visits are a waste of resources needed for Brexit - Hayes

Brian Hayes says six-monthly inspections are excessive. Photo: Damien Eagers
Brian Hayes says six-monthly inspections are excessive. Photo: Damien Eagers
John Downing

John Downing

More than three years after Ireland exited the EU-ECB-IMF - known as the Troika - bailout, the European Commission is still sending officials to look over the national accounts every six months.

Dublin Fine Gael MEP Brian Hayes has said the six-monthly account inspections are "excessive and wasteful" and resources would be better directed towards helping Ireland prepare for the forthcoming Brexit fallout.

Under the conditions of Ireland's bailout, every six months the European Commission produces a "post-programme surveillance" report which assesses Ireland's financial situation and its ability to repay bailout funds. The EU Finance Commissioner, Pierre Moscovici, has said that his report usually includes a visit by commission officials to Ireland, which Mr Hayes argues is unnecessary.

"The current post-bailout procedure for Ireland represents an excessive level of surveillance. For a country with the highest growth in the EU, it seems perverse that we have twice yearly reports assessing our economic and financial situation," Mr Hayes told the Irish Independent.

"In the first quarter of 2017, there will be a seventh post-bailout surveillance mission to Ireland. It would be better for the commission to focus on preparing for the challenge of Brexit," Mr Hayes said.

Irish Independent

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