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.

Facts and figures on the programme for Ireland

Objectives:

• Immediate strengthening and comprehensive overhaul of the banking sector. >> EUR 35 billion
• Ambitious fiscal adjustment to restore fiscal sustainability, correction of excessive deficit by 2015. >> EUR 50 billion
• Growth enhancing reforms, in particular on the labour market, to allow a return to a robust and sustainable growth.

Financing:

The total EUR 85 billion of the programme are financed as follows:

• EUR 17.5 billion contribution from Ireland (Treasury and National Pension Reserve Fund)
• EUR 67.5 billion external support, EUR 22.5 billion for each of
  • EFSM (until March - 2012: EUR 18.4 billion disbursed)
  • EFSF (until February 2012: EUR 9.3 billion disbursed) + bilateral loans from the UK, Denmark and Sweden
  • IMF (until March 2012: EUR 16.05 billion disbursed)

Programme disbursements will be made over 3 years, under EFSM with an average maximum maturity of 12.5 years.

EFSM loan disbursements and funding plan 2012

Overview on EFSM loan disbursements to Ireland (Status: 30 April 2012)
Amount	Maturity	Raised on	Loan beneficiary	Disbursed on
€ 5.0 bn	5 yr	05 Jan 2011	Ireland	12 Jan 2011
€ 3.4 bn	7 yr	17 March 2011	Ireland	24 March 2011
€ 3.0 bn	10 yr	24 May 2011	Ireland	31 May 2011
€ 2.0 bn	15 yr	22 Sept 2011	Ireland	29 Sept 2011
€ 0.5 bn	7 yr	29 Sept 2011	Ireland	06 Oct 2011
€ 1.5 bn	30 yr	09 Jan 2012	Ireland	16 Jan 2012
€ 3.0 bn	20 yr	27 Feb 2012	Ireland	05 March 2012

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

Disbursements envisaged over the rest of the year will be subject to Ireland's requirements and to quarterly reviews by the Commission in cooperation with the IMF and in liaison with the European Central Bank (ECB).

In 2012, the EU, through the EFSM, intends to raise the total amount of EUR 12.5 billion, to be used for further loans to Ireland and Portugal. After four bond issuances (EUR 3 billion placed on 9 January, EUR 3 billion on 27 February and EUR 1.8 billion on 17 April and EUR 2.7 billion on 26 April), EUR 2 billion of funding requirement remains this year for Ireland and Portugal. Further funding requirements will be financed by EFSF operations and by the IMF, as agreed in the respective EU/IMF programmes.

Documents

News articles and press releases

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

Programme reports

• Economic Adjustment Programme for Ireland — Winter 2011 Review (Occasional Paper 93/2012)
• Economic Adjustment Programme for Ireland - Autumn 2011 Review (Occasional Paper 88/2011)
• Economic Adjustment Programme for Ireland—Summer 2011 Review? (Occasional Paper 84/2011)
• The Economic Adjustment Programme for Ireland? (Occasional Paper 76/2011)