Council agrees on joint EU-IMF financial assistance package for Ireland.

Following the official Irish request for financial assistance from the European Union, the euro-area Member States and the International Monetary Fund (IMF) of 21 November 2010, the joint EC/IMF/ECB mission on 28 November reached agreement at staff level with the Irish authorities on a comprehensive policy package for the period 2010-2013.

This includes a joint financing package of EUR 85 billion with contributions from the EU, euro area Member States, bilateral contributions from the United Kingdom, Sweden and Denmark as well as funding from the IMF and an Irish contribution through the Treasury cash buffer and investments of the National Pension Reserve Funds.

The formal Decision allowing for financial assistance to Ireland and the Recommendation extending the deadline for compliance under the excessive deficit procedure were adopted by the ECOFIN Council on 7 December

Accompanying documents include the Memorandum of Economic and Financial Policies, the staff level Memorandum of Understanding on Specific Economic Policy Conditionality (which is still subject to technical change), and the Technical Memorandum of Understanding.

>> Council Implementing Decision on granting Union financial assistance to Ireland(64 kB)  

>> Council Recommendation with a view to bringing to an end the situation of an excessive deficit in Ireland(49 kB)  

>> Memorandum of Economic and Financial Policies(127 kB)  

>> Technical Memorandum of Understanding (222 kB)  

>> Memorandum of Understanding on Specific Economic Policy Conditionality(146 kB)