Wednesday 7 December 2016

Noonan to discuss bailout progress at global summit

conference

Siobhan Creaton

Published 21/09/2011 | 05:00

Michael Noonan will discuss Ireland's progress in meeting the IMF/EU bailout targets at a top-level investor conference in Washington next week.

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He will join German Finance Minister Wolfgang Schaeuble and Greece's deputy prime minister and finance minister, Evangelos Venizelos, as a keynote speaker addressing 1,200 of the world's leading bankers, investors, insurers and policymakers.

Those attending the Institute of International Finance Conference will also hear from outgoing European Central Bank president Jean-Claude Trichet and the former chairman of the US Federal Reserve, Paul Volcker.

Mr Noonan's speech is expected to highlight the progress Ireland is making in terms of meeting its targets under the EU/IMF bailout programme as a further push to repair Ireland's reputation abroad and entice investors to look more favourably on the country.

He is attending the conference as part of a scheduled visit to Washington, where he will meet with senior IMF officials ahead of its third-quarter review at the end of next month.

At the same time, National Treasury Management Agency boss John Corrigan will meet with Standard and Poor's ratings agency as part of a yearly visit to the company that assesses Ireland's credit ratings.

The agency hopes to be able to return to the bond markets to start borrowing again next year.

Deficit

Mr Schaeuble will use the opportunity to remind US treasury secretary Tim Geithner and representatives from some of the world's biggest economies to stick to their deficit reduction commitments, an official said yesterday.

The Group of 20 leaders agreed in June to cut their public deficits in half by 2013 and to stabilise their debts by 2016, although the US will fail to do so. Mr Volcker said yesterday that President Barack Obama's efforts to develop a coherent policy for the US economy was being made more difficult by the European debt crisis.

Irish Independent

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