Minister of Finance, Mr. Brian Lenihan, welcomes the publication of the IMF’s Report on the IMF’s Interim Review of the Extended Arrangement for Ireland under the Emergency Financing Mechanism.

The Minister of Finance, Mr. Brian Lenihan, welcomed the publication today (9 February 2011) by the Executive Board of the International Monetary Fund (IMF) of the Staff Report of the Interim Review of the Extended Arrangement for Ireland.

Today’s IMF Staff Report outlines the recent developments in Ireland since the Extended Arrangement was approved by the IMF’s Executive Board on 6 December 2010.

“I welcome the publication of the Staff Report on the interim review of the Extended arrangement for Ireland on foot of their discussions here in Ireland in January 2011. I concur with the IMF’s staff conclusion that the implementation of the Programme is on track and their conclusion that economic indicators suggest that a modest export-led recovery is underway”.

“The Report acknowledges that progress is being made towards recapitalising the banks, deleveraging, resolving nonviable banks and strengthening the bank resolution framework. I would agree with the IMF’s staff assessment that while the good start of the process to overhaul the Irish Banking system is encouraging, there are significant challenges ahead. This Government has devised a comprehensive strategy to restore confidence in the banking sector and is committed to following through with this strategy.”

ENDS

Notes for Editors

The IMF’s Staff Report can be found on the Fund’s website: www.imf.org.

The Interim Review involved a small team of IMF and ECB staff visiting Ireland from 19th to 21st January 2011 for technical discussions with officials from the Department of Finance, the NTMA and the Central Bank of Ireland. It is the IMF’s standard procedure to prepare and publish staff reports following staff missions.

 

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