Economic Adjustment Programme for Ireland — Spring 2013 Review

A joint EC/IMF/ECB mission visited Dublin from 23 April to 2 May 2013 to conduct the tenth review mission under the Economic Adjustment Programme. The mission found that programme implementation remains strong overall, even though policy challenges and external risks remain important and will require continued commitment from the authorities to reforms under the programme and beyond.

This report by European Commission services provides a summary of the main findings of the mission, including an assessment of compliance with the programme conditionality, and an overview of challenges faced by Ireland in the period ahead. The main challenges highlighted concern fiscal consolidation, the high level of non-performing loans on banks' balance sheets and the high level of unemployment. The document contains the updated programme documents in annex.

The completion of the 10th review paves the way for the release of EUR 1 bn from the EFSF, EUR 1 bn from the IMF and EUR 0.5 bn from the UK. This will bring the total amount authorised for disbursement under the programme to 92.9% of the overall international assistance of EUR 67.5 bn.

ESO: Background information: Economic Adjustment Programme for Ireland – Winter 2012 Review http://www.europeansources.info/record/economic-adjustment-programme-for-ireland-winter-2012-review/

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