Extracts from the common press conference by EC/ECB/IMF (Troika): second review of the EU/IMF Programme for Ireland
Type: Summary of press conference
End production: 14/07/2011 First transmission: 14/07/2011
The EU/IMF Recovery Programme for Ireland is subject to quarterly reviews. István Pal Székely, Director of the Directorate H - Economies of the Member States III of the Economic and Financial Affairs DG of the EC, and Ajai Chopra, Deputy Director of the European Department of the International Monetary Fund (IMF), held a joint press conference following the second quarterly review on 14 July 2011, in Dublin.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||General view of the conference room
||Soundbite by István Pal Székely, Director of the Directorate H - Economies of the Member States III of the Economic and Financial Affairs DG of the EC, (in ENGLISH) saying that continued strong policy implementation will be important to limit potential contagion from other parts of the world; regarding the real side of the economy, recent developments are in line with their forecast of a positive growth for 2011, albeit modest growth; strong exports helped by progress in recovering lost price competitiveness are expected to continue driving the economy but domestic demand will continue to contract; financial sector reforms are progressing and they are implemented as planned, if fact in certain cases, ahead of schedule; restructuring of the banks is ahead; renewal of the boards and management is underway; the recapitalisation of banks is expected to be completed by end July, as planned, and the fiscal cost significantly reduced by burden sharing with subordinated stakeholders.
||Soundbite by István Pal Székely (in ENGLISH) saying that there was no target that was not met; their focus was in large part overlooking the reforms that will come up in the next quarter; those are challenging things and they understand that; they are reassured that the government has the willingness and the capacity to move ahead; they have to wait and see the results; they will be back in October to check that.
||Soundbite by Ajai Chopra, Deputy Director of the European Department of the International Monetary Fund (IMF), (in ENGLISH) saying that the first thing is that they are beginning to see signs of growth and the economy stabilizing after three years of very ranching adjustments and a contraction of the economy; they are beginning to see the signs of some growth returning; the second is that banks are being recapitalized and there is a comprehensive plan to make the banks healthier by right seizing these banks and proceeding with deleveraging so that they focus on their core activities; the third is that the fiscal programme is very much on track; this government has developed a great deal of fiscal credibility building on the fiscal credibility established by the previous government.
||Soundbite by Ajai Chopra (in ENGLISH) saying that what is needed, what is lacking so far is a European solution to a European problem; what is critical now for Europe is to dispel the uncertainty that has been created by the lack of, what is perceived by markets and many, as an insufficient response, to decisively handle this crisis by implementing consistent cooperative policies.
||General view of the press conference room