Friday 2 December 2016

Bailout conditions: What must happen and when

Published 02/12/2010 | 08:35

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Dec 2010 Dail to agree budget which will cut current spending by €2.09bn and cut capital spending by €1.03bn, reduce public sector pensions by 4pc and a host of other cuts

Dec 2010 Government to agree “stringent” stress case scenarios for the banks and probe into banks

Feb 2011 New legislation for failing banks which will give Central Bank new powers to appoint chief executives etc

Feb 2011 Banks to submit plans for reducing debt

Feb 2011 Government to inject €7bn into four banks to raise capital reserves ratio to 12pc

March 2011 Government to complete and publish results of bank stress tests and agree bank debt reduction plan Agree ways of hacking €750m off social welfare costs

April 2011 New rules to force banks to maintain capital reserves ratio above 10.5pc Complete assessment of credit union sector’s loan books and development of strategy to ensure sector’s survival

May 2011 Cut minimum wage by €1 Legislation to change personal bankruptcy rules Government to inject money into Irish Life & Permanent to raise capital reserves to 12pc

June 2011 Budget Advisory Council to be created to ensure government predictions are not too rosy

July 2011 Fiscal Responsibility legislation to be published to reform old-fashioned budgeting system

September 2011 Report to be completed on how to improve banking supervision and boost staff numbers at Central Bank Independent regulator for legal profession and new rules to encourage more choice for GPs

December 2011 Dail to agree budget to cut spending by €2.1bn and increase taxes by €1.5bn. Reduce public sector numbers and adjust pensions.

Introduce property tax, increase carbon tax and capital gains tax. Legislation to increase regulation of credit unions to be published.

Fiscal Responsibility law to be passed by Dail. Independent assessment of electricity and water charges

June 2012 Legislation on reform of personal debt laws to be passed

December 2013 Consolidation measures worth €3.1bn. Increase in property tax. Reduction in income tax bands ands tax credits. ALSO IMF is demanding that statistics be produced at much quicker rate

Weekly Figures on government spending and the government’s cash position along with figures for the balance sheets of the commercial banks.

Monthly Figures on adherence to budget targets and the country’s debt positions.

Quarterly Details of the public sector wage bill and number of public sector employees.

Irish Independent

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