Successful completion of Quarter 2 2012 Review of the EU/ IMF Programme

17th July, 2012


Ireland has successfully concluded the seventh review of the Programme of Assistance with the EU Commission, the ECB and the IMF.  In line with each of the previous six quarterly reviews,Ireland has continued to achieve all of the targets set under our programme.

This review mission has involved a detailed assessment of the fiscal position, the macroeconomic outlook and progress on the restructuring of the financial sector and broader structural reforms.

On welcoming the successful conclusion of the review, Minister Noonan and Minister Howlin stated: 

 “We are pleased to confirm that halfway through the programme we continue to meet all our targets.  All measures have been implemented and the programme remains on track. This successful outcome illustrates, once more, the ability and the commitment of theIrishStateto implement a challenging programme effectively. 

Growth figures officially published this morning show that the Irish economy experienced solid growth of 1.4% in 2011. Also our latest Exchequer returns show that our 2012 tax take continues to grow. Taken together this data shows that we are on track to meet our 2012 deficit target of 8.6%.  However, significant challenges remain, especially the unacceptably high unemployment levels, which highlight the scale of the challenge.”

Both Ministers concluded:

“We welcome that our programme remains on track and we continue to meet all of our targets. In the first half of 2012 our tax returns have been more robust than expected and we remain fully committed to reducing our deficit to 3% of GDP by 2015. While this is very welcome and our performance to date is a credit to the Irish people; we cannot lose sight of the difficult decisions that remain.  It is essential that we continue to control public expenditure so as to bring about the necessary stability to allow for economic growth and investment.”