Resumen de Economic Adjustment Programme for Ireland – Winter 2012 Review

European Commission

• 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.