Proposal for a Council Implementing Decision amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland

Upon a request by Ireland, the Council granted financial assistance to Ireland on 7 December 2010 (Council Implementing Decision 2011/77/EU) in support of a strong economic and financial reform programme aiming at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Ireland, the euro area and the EU.

In line with Article 3(9) of Decision 2011/77/EU, the Commission, together with the IMF and in liaison with the ECB, has conducted the third review of the Irish authorities' progress on the implementation of the agreed measures as well as of the effectiveness and economic and social impact of the agreed measures.

Taking into account the revised economic outlook, as well as intervened information (including the need to launch a further liability management exercise to further secure private sector contribution to the envisaged recapitalization of Bank of Ireland), the Commission proposes to modify the economic policy conditions underpinning the assistance. The Commission views the proposed changes to the economic policy conditions as necessary to ensure the smooth implementation of the programme and secure the programme's objectives.

• Primary Source

European Commission: COM(2011)509: Communication from the Commission to the Council - Assessment of the action taken by Ireland in response to the Council Recommendation of 7 December 2010 with a view to bringing an end to the situation of excessive government deficit http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0509:FIN:EN:PDF

EUR-Lex: COM(2011)517: Follow the progress of this document through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2011:517:FIN

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