Business Irish

Friday 24 January 2020

Ireland meets all targets in latest EU/IMF/ECB review

Finance Minister Michael Noonan
Finance Minister Michael Noonan reporters

IRELAND has met all targets set out under the EU/IMF/ECB €67.5bn bailout loan programme, according to the latest assessment.

In a joint press conference, Minister for Finance Michael Noonan and Minister for Public Expenditure Brendan Howlin said the success “illustrates the ability and the commitment of the Irish State to implement a challenging programme effectively”.

Mr Noonan added that growth measures will now be a focus in the future for the Govenrment and the troika while funds from the National Pension Reserve Fund and the European Investment Bank as well as money generated from the sale of state assets could be used to grow the economy and focus on job creation.

"The language of the memorandum has been changed to put the emphasis on growth and job creation," he said.

He added that an agreement had been reached on the future of Permanent TSB and a restructuring plan will be submitted to the European Commission within two months.

“The objective of this plan is to create a viable retail bank focused on lending into the Irish economy. This will be achieved by carving out a viable bank from the current Permanent TSB business,” Mr Noonan said.

Earlier Tanaiste Eamon Gilmore said there had been no discussions between the Government and the EU/IMF/ECB troika representatives on a second bailout for Ireland.

The troika has just completed a review of Ireland’s progress under the €67.5bn in bailout loans programme and Mr Gilmore said the Government is sticking to its plans to return to the open market to borrow.

“Our intention is to get out of this programme in two years,” he said.

He was responding to questions from Sinn Fein’s Mary Lou McDonald who asked whether a second bailout had been discussed.

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