Business Irish

Monday 20 November 2017

Europe to give us good mark in bailout report card reporters

The European Commission will mark Ireland’s report card today, outlining whether the Government is meeting its commitments under the EU/IMF bailout.

In July, the so-called “troika” of the IMF, the European Commission and the European Central Bank said that Ireland was “on track” and “well financed” in their third quarterly review of Ireland’s bailout.

The report - which is expected to be positive - will outline in detail the Government's progress in cuts, tax increases and reforms.

On Wednesday, the IMF urged the Government to seek to raise €5bn by selling State assets in its quarterly assessment of the economy.

The report is expected to focus on the restructuring and recapitalisation of the financial sector.

And it will emphasise the importance of returning it to the market place in the best health possible.

Some European sources have urged caution on the Government's plans to impose losses on unsecured bondholders at the former Anglo Irish and Irish Nationwide banks, arguing that there may be little real gain for the taxpayer.

While Irish exports are doing well, the report is likely to recommend greater competition and lower prices in the so-called ‘sheltered’ professions like the legal and GP sectors.

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