Post-programme surveillance

From 2011 until the end of 2013 the European Union and the International Monetary Fund (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 subject to post-programme surveillance (PPS) until at least 75% of the financial assistance received has been repaid. 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 European financial stability mechanism (EFSM), European financial stability facility (EFSF) and bilateral lenders.

Under PPS, the European Commission and the European Central Bank (ECB) will

  • conduct regular review missions in Ireland to assess its economic, fiscal and financial situation
  • prepare semi-annual assessments of Ireland's economic, fiscal and financial situation and determine whether corrective measures are needed

Overview of disbursements

Overview of EFSM loan disbursements to Ireland

Amount

Maturity

Raised on

Disbursed on

€0.8 billion

10 yr

18 March 2014

25 March 2014

€1 billion

15 yr

23 Oct. 2012

30 Oct. 2012

€2.3 billion

15 yr

26 June 2012

03 July 2012

€3 billion

20 yr

27 Feb 2012

05 March 2012

€1.5 billion

30 yr

09 Jan 2012

16 Jan 2012

€0.5 billion

7 yr

29 Sept 2011

06 Oct 2011

€2 billion

15 yr

22 Sept 2011

29 Sept 2011

€3 billion

10 yr

24 May 2011

31 May 2011

€3.4 billion

7 yr

17 March 2011

24 March 2011

€2 billion

25 yr*

05 Jan 2011

12 Jan 2011

€1 billion

19 yr*

05 Jan 2011

12 Jan 2011

€2 billion

13 yr*

05 Jan 2011

12 Jan 2011

* The original maturity of 5 years of the EFSM loan of €5 billion 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. The contributions to the package were as follows

  • EFSM €22.5 billion
  • EFSF €17.7 billion
  • bilateral contribution from the United Kingdom €3.8 billion
  • bilateral contribution from Sweden €0.6 billion
  • bilateral contribution from Denmark €0.4 billion
  • IMF €22.5 billion

There was also an Irish contribution through the treasury cash buffer and investments of the national pension reserve funds.

Objectives of the programme

The economic adjustment programme for Ireland had the following 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 of 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), as well as 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 3 years on a quarterly basis but following separate timetables by the EFSMEFSFIMF and bilateral lenders. The last EFSM disbursement took place in March 2014.

Reports

Post-Programme Surveillance Report: Ireland, Spring 2017 (July 2017)

Post-Programme Surveillance Report - Ireland, Autumn 2016 (March 2017)

Post-Programme Surveillance Report. Ireland, Spring 2016 (September 2016)

Post-Programme Surveillance Report. Ireland, Autumn 2015 (January 2016)

Ex post evaluation of the economic adjustment programme for Ireland (2010-2013) (July 2015)

Post-Programme Surveillance Report. Ireland, Spring 2015 (July 2015)

Post-Programme Surveillance Report. Ireland, Autumn 2014 (Occasional Paper 210/2015)

Post-Programme Surveillance for Ireland — Spring 2014 Report (Occasional Paper 195/2014)

Economic Adjustment Programme for Ireland - Autumn 2013 Review (Occasional Paper 167/2013)

Economic Adjustment Programme for Ireland - Summer 2013 Review (Occasional Paper 162/2013)

Economic Adjustment Programme for Ireland - Spring 2013 Review (Occasional Paper 154/2013)

Economic Adjustment Programme for Ireland - Winter 2012 Review (Occasional Paper 131/2013)

Economic Adjustment Programme for Ireland - Autumn 2012 Review (Occasional Paper 127/2013)

Economic Adjustment Programme for Ireland - Summer 2012 Review (Occasional Paper 115/2012)

Economic Adjustment Programme for Ireland - Spring 2012 Review (Occasional Paper 96/2012)

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 - Spring 2011 Review (Occasional Paper 78/2011)

The Economic Adjustment Programme for Ireland (Occasional Paper 76/2011)

News articles and press releases

01/12/2017 Statement by European Commission and ECB staff following the conclusion of the eight post-programme surveillance mission to Ireland

19/05/2017 Statement by European Commission and ECB staff following the conclusion of the seventh post-programme surveillance mission to Ireland

02/12/2016 Statement by Commission and ECB staff following the conclusion of the sixth post-programme surveillance mission to Ireland

10/06/2016 Statement following the conclusion of the fifth post-programme surveillance mission to Ireland

13/11/2015 Statement following the conclusion of the fourth post-programme surveillance mission to Ireland

16/07/2015 Commission assesses lessons from economic adjustment programme in Ireland

01/05/2015 Statement by the EC and ECB following the conclusion of the third post-programme surveillance mission to Ireland

21/11/2014 Statement by the EC and ECB following the conclusion of the second post-programme surveillance mission to Ireland

02/05/2014 Statement by EC and ECB following the first post-programme surveillance mission to Ireland 

13/12/2013 European Commission Daily News

14/11/2013 Statement by the Eurogroup

08/11/2013 Statement by EC, ECB and IMF on the Twelfth Review Mission to Ireland

15/10/2013 Council Implementing Decision on granting Union financial assistance to Ireland

18/07/2013 Statement by EC, ECB and IMF on the Eleventh Review Mission to Ireland

21/06/2013 Council extends maturities of EFSM loans to Ireland, Portugal

09/05/2013 Statement by EC, ECB and IMF on the Tenth Review Mission to Ireland 

22/04/2013 Commission concludes ninth review of Irish programme

07/02/2013 Statement by the EC, ECB, and IMF on the Review Mission to Ireland

25/10/2012 Statement by the EC, ECB, and IMF on the Review Mission to Ireland

23/10/2012 EU €3 billion 15-year bond for Ireland and Portugal meets with close to €6 billion investor demand

12/07/2012 Statement by the EC, ECB, and IMF on the Review Mission to Ireland

26/06/2012 EU places € 2.3 billion long 15-year bond in support of Ireland

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 billion 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

07/12/2010 Council Implementing Decision on granting Union financial assistance to Ireland

07/12/2010 Memorandum of Economic and Financial Policies

03/12/2010 Memorandum of Understanding on Specific Economic Policy Conditionality

01/12/2010 Memorandum of Economic and Financial Policies

07/12/2010 Technical Memorandum of Understanding

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

Other events

Oireachtas Committee of Inquiry into the Banking Crisis, Dublin, 3 September 2015

Oireachtas Committee of Inquiry into the Banking Crisis, Dublin, 18 February 2015