Economic Adjustment Programme for Ireland — Summer 2012 Review

Report on programme review of the EU-IMF financial assistance for Ireland; a description of changes introduced to future programme conditionality; and the fiscal and economic outlook for Ireland.

A joint EC/ECB/IMF mission visited Dublin between 3-12 July 2012 to conduct the seventh review mission under the Economic Adjustment Programme. The mission found that programme implementation remains strong, tough important risks and challenges remain, mainly due to still fragile investor sentiment towards Ireland and continued uncertainties in the outlook for growth and debt sustainability in euro area member states.

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. This document contains in annex the updated programme documents.

The overall positive assessment of compliance paves the way for the release of EUR 1 billion from the EFSF/EFSM, EUR 0.9 billion from the IMF, and EUR 0.7 billion from other EU member states (UK, SE, DK) in the context of their bilateral loans to Ireland.