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Post-Programme Surveillance for Ireland

From 2011 until the end of 2013 the EU and the IMF provided financial assistance to Ireland. In December 2013, Ireland successfully completed the EU-IMF financial assistance programme, with the vast majority of policy conditions under the programme substantially met and investor confidence restored for the sovereign and the banks.

Ireland is now subject to post-programme surveillance (PPS) until at least 75% of the financial assistance received has been repaid. So barring any early repayments, PPS will last at least until 2031.The objective of PPS is ultimately to measure Ireland's capacity to repay its outstanding loans to the EFSM, EFSF and bilateral lenders.

Under PPS, the Commission, in liaison with the European Central Bank, will (i) conduct regular review missions in the Member State to assess its economic, fiscal and financial situation; and (ii) prepare semi-annual assessments of Ireland's economic, fiscal and financial situation and determine whether corrective measures are needed.

Overview of disbursements

Overview on EFSM loan disbursements to Ireland

Amount

Maturity

Raised on

Disbursed on

€ 0.8 bn

10 yr

18 March 2014

25 March 2014

€ 1.0 bn15 yr23 Oct. 2012

30 Oct. 2012

€ 2.3 bn

15 yr

26 June 2012

03 July 2012

€ 3.0 bn

20 yr

27 Feb 2012

05 March 2012

€ 1.5 bn

30 yr

09 Jan 2012

16 Jan 2012

€ 0.5 bn

7 yr

29 Sept 2011

06 Oct 2011

€ 2.0 bn

15 yr

22 Sept 2011

29 Sept 2011

€ 3.0 bn

10 yr

24 May 2011

31 May 2011

€ 3.4 bn

7 yr

17 March 2011

24 March 2011

€ 2.0 bn

25 yr*

05 Jan 2011

12 Jan 2011

€ 1.0 bn

19 yr*

05 Jan 2011

12 Jan 2011

€ 2.0 bn

13 yr*

05 Jan 2011

12 Jan 2011

* The original maturity of 5 years of the EFSM loan of €5bn raised on 05 January 2011 and disbursed on 12 January 2011 to Ireland was extended in three tranches, in line with Council Implementing Decision 2013/313/EU.

Complementary disbursements were made by the EFSF and the IMF.

The last EFSM disbursement took place in March 2014.

Economic Adjustment Programme for Ireland

The Economic Adjustment Programme for Ireland was formally agreed in December 2010. It included a joint financing package of €85 billion for the period 2010-2013.

This was based on contributions from the EFSM (€22.5 billion), the EFSF (€17.7 billion), bilateral contributions from the United Kingdom (€3.8 billion), Sweden (€0.6 billion) and Denmark (€0.4 billion) as well as funding from the IMF (€22.5 billion). Moreover, there was an Irish contribution through the Treasury cash buffer and investments of the National Pension Reserve Funds.

Objectives:

  • Immediate strengthening and comprehensive overhaul of the banking sector;
  • Ambitious fiscal adjustment to restore fiscal sustainability, correction of excessive deficit by 2015;
  • Growth-enhancing reforms, in particular on the labour market, to allow a return to a robust and sustainable growth.

Financing:

The total €85 billion of the programme were financed as follows:

  • €67.5 billion external support, €22.5 billion for each of
    • EFSM (by end of 2013: €21.7 billion disbursed)
    • EFSF (by end of 2013: €17.7 billion disbursed) + bilateral loans from the UK, Denmark and Sweden
    • IMF (by end of 2013: SDR 19.5 billion disbursed)
  • €17.5 billion contribution from Ireland (Treasury and National Pension Reserve Fund)

Programme disbursements were made over three years on a quarterly basis but following separate timetables by the EFSM, EFSF, IMF and bilateral lenders. The last EFSM disbursement took place in March 2014.

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