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Economic Adjustment Programme for Ireland

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

On 21 November 2010 Ireland officially requested financial assistance from the EU, the euro area Member States and the International Monetary Fund (IMF). A joint mission with members from the European Commission, the IMF and the European Central Bank (ECB) on 28 November reached agreement at staff level with the Irish authorities on a comprehensive policy package for the period 2010-2013. The agreement was formally adopted on 7 December 2010 at the Eurogroup/ECOFIN meeting in Brussels. The Memorandum of Understanding and the Loan Agreement were signed thereafter.

The Economic Adjustment Programme for Ireland includes a joint financing package of €85 billion with contributions from the EU/EFSM (€22.5 billion), euro area Member States/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 is an Irish contribution through the Treasury cash buffer and investments of the National Pension Reserve Funds.

Facts and figures on the programme for Ireland

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 are 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 are made over three years, under EFSM with an average maximum maturity of 12.5 years.

EFSM loan 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

€ 5.0 bn

5 yr

05 Jan 2011

 12 Jan 2011

Complementary disbursements have been made by the EFSF and the IMF.

The last EFSM disbursement took place in March 2014.

Programme reports:

News articles and press releases

13/12/2013European Commission Daily News 
14/11/2013Statement by the Eurogrouppdf 
08/11/2013Statement by EC, ECB and IMF on the Twelfth Review Mission to Ireland 
15/10/2013Council Implementing Decision on granting Union financial assistance to Irelandpdf(17 kB) Choose translations of the previous link  
18/07/2013Statement by EC, ECB and IMF on the Eleventh Review Mission to Ireland 
21/06/2013Council extends maturities of EFSM loans to Ireland, Portugalpdf 
09/05/2013Statement by EC, ECB and IMF on the Tenth Review Mission to Ireland  
22/04/2013Commission concludes ninth review of Irish programme 
07/02/2013Statement by the EC, ECB, and IMF on the Review Mission to Ireland 
25/10/2012Statement by the EC, ECB, and IMF on the Review Mission to Ireland 
23/10/2012EU €3 billion 15-year bond for Ireland and Portugal meets with close to €6 billion investor demand 
12/07/2012Statement by the EC, ECB, and IMF on the Review Mission to Ireland Choose translations of the previous link  
26/06/2012EU places € 2.3 billion long 15-year bond in support of Ireland Choose translations of the previous link  
26/04/2012Statement by the EC, ECB, and IMF on the Review Mission to Ireland Choose translations of the previous link  
01/03/2012Ireland: European Commission gives green light for €5.8 billion payment following successful completion of fifth review of financial assistance programme Choose translations of the previous link  
27/02/2012Commission Press Release MEMO/12/138: EU issues € 3 billion 20 year bond for Ireland Choose translations of the previous link  
19/01/2012Statement by the EC, ECB, and IMF on the Review Mission to Ireland Choose translations of the previous link  
09/01/2012Commission Press Release MEMO/12/4: EU successfully issued long-term bond with 30y maturity, funding loans of € 3 bn for Ireland and Portugal Choose translations of the previous link  
13/12/2011European Commission report concludes progress on fiscal, economic and structural reforms in Ireland Choose translations of the previous link  
29/09/2011Commission Press Release MEMO/11/656: EU concludes funding programme in September with €1.1 billion 7 year bond Choose translations of the previous link  
22/09/2011Commission Press Release MEMO/11/629: Strong demand for EU € 4 billion 15y bond in support of Ireland and Portugal Choose translations of the previous link 
14/09/2011Commission Press Release MEMO/11/602: Commission proposes better financial terms for EU loans to Ireland and Portugal Choose translations of the previous link 
09/09/2011Results of the third Review Mission show Ireland well on track Choose translations of the previous link 
02/09/2011Council Implementing Decision amending Implementing Decision 2011/77/EU on granting Union financial assistance to Irelandpdf
24/08/2011COMMUNICATION 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 Choose translations of the previous link 
13/07/2011Press release - Statement by the EC, ECB, and IMF on the Review Mission to Ireland Choose translations of the previous link 
24/05/2011Commission Press Release MEMO/11/336: €4.75 billion bond issued for EU´s assistance packages to Ireland and Portugal Choose translations of the previous link 
19/05/2011Commission Press Release MEMO/11/313: EU and EFSF funding plans to provide financial assistance for Portugal and Ireland Choose translations of the previous link 
15/04/2011Statement by the EC, ECB, and IMF on the Review Mission to Ireland Choose translations of the previous link 
04/04/2011EC, ECB and IMF Welcome the Irish Authorities' Banking System Announcements. Choose translations of the previous link 
17/03/2011Commission Press Release MEMO/11/180: €4.6 billion bond issued to assist Ireland and Romania Choose translations of the previous link 
25/01/2011EFSF Press Release: "EFSF places inaugural benchmark issue"
05/01/2011Commission Press Release MEMO/11/4: "€ 5 million bond issue for Ireland" Choose translations of the previous link 
21/12/2010Commission Press Release IP/10/1768 of 21 December 2010 " EU and ESF funding plans to provide financial assistance for Ireland Choose translations of the previous link 
17/12/2010Council agrees on joint EU-IMF financial assistance package for Ireland
07/12/2010Council Recommendation with a view to bringing to an end the situation of an excessive deficit in Irelandpdf(48 kB) Choose translations of the previous link 
07/12/2010Council Implementing Decision on granting Union financial assistance to Irelandpdf(62 kB) Choose translations of the previous link 
07/12/2010Memorandum of Economic and Financial Policiespdf(124 kB) Choose translations of the previous link 
03/12/2010Memorandum of Understanding on Specific Economic Policy Conditionalitypdf(142 kB) Choose translations of the previous link 
01/12/2010Memorandum of Economic and Financial Policiespdf(124 kB) Choose translations of the previous link 
07/12/2010Technical Memorandum of Understandingpdf(217 kB) Choose translations of the previous link 
28/11/2010Commission and IMF issue joint statement on Ireland
22/11/2010Statement by the Eurogroup and ECOFIN Ministers on Ireland
11/05/2010Memorandum of Economic and Financial Policiespdf(124 kB) Choose translations of the previous link 

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