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Economic Adjustment Programme for Ireland – Winter 2012 Review

Author(s): European Commission

Economic Adjustment Programme for Ireland – Winter 2012 Reviewpdf(2 MB) Choose translations of the previous link 

Summary for non-specialistspdf(41 kB) Choose translations of the previous link 

A joint EC/IMF/ECB mission visited Dublin from 29 January to 7 February 2013 to conduct the ninth review mission under the Economic Adjustment Programme. The mission found that programme implementation remains strong overall, even though policy challenges and external risks remain important and will require continued 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 in the period ahead. The main challenges highlighted concern fiscal consolidation, the high level of non-performing loans on banks' balance sheets and the high level of unemployment. The document contains the updated programme documents in annex.

The overall positive assessment of compliance paves the way for the release of EUR 1.6 billion from the EFSF, EUR 1 billion from the IMF, and around EUR 0.7 billion from bilateral loans from the United Kingdom, Denmark and Sweden.

(European Economy. Occasional Papers 131. April 2013. Brussels. Paper and internet. )

KC-AH-13-131-EN-N (online)
ISBN 978-92-79-28545-5 (online)
doi: 10.2765/40906 (online)

JEL classification: F33, G01, H6

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.