A joint EC/IMF/ECB mission visited Dublin during 9-18 July 2013 to conduct the eleventh review mission under the Economic Adjustment Programme. The mission found that programme implementation remains robust overall, even though domestic vulnerabilities and external risks remain important and will require on-going commitment from the authorities to reforms under the programme and beyond.
This report by European Commission services provides a summary of the main findings of the mission, including an assessment of compliance with the programme conditionality, and an overview of challenges faced by Ireland ahead. The most important challenges highlighted concern the large government deficit and high public debt, the substantial level of non-performing loans on banks' balance sheets and the high level of unemployment. The document contains the updated programme documents in the annex.
The completion of the 11th review prepares the release of EUR 2.3 bn from the EFSF, EUR 0.8 bn from the IMF, and a combined EUR 0.25 bn from Sweden and Denmark. This will bring the total amount authorised for disbursement under the programme to 97.9% of the overall international assistance of EUR 67.5 bn.
|ISBN 978-92-79-31385-1 (online)|
Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.