Irelands Bailout Programme is on track
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Ireland’s bailout-programme is on track
The European Commissions quarterly report on Ireland confirms that Ireland is “progressing well”
The European Commission has published its quarterly review of the financial assistance programme for Ireland has stated that Ireland is on track however challenges still remain.
The agreed fiscal targets for 2010 were met and the economic data so far for the year 2011 suggests that the 2011 GDP objective of 10.6% is “within reach”. The quarterly report also suggested that important progress is made in reforming our banking sector.
The European Commission also praised the Government for its commitment to the programme objectives and the progress made so far, despite this praise it stated that “to assuage lingering concerns on Irelands debt dynamics as reflected by still elevated spreads on Irish Government bonds in the secondary market “.The overall EU financial assistance to Ireland amounts to € 45 billion over three years (this includes bilateral loans from the United Kingdom, Sweden and Denmark.) The country has received a total of € 12 billion of this money so far.
In addition, the pressing issue of the reduction of the interest rate regarding Irelands financial package has received yet more publicity with Angel Gurrica Secretary General of the Economic Co-operation and Development stating that a higher interest rate on Ireland was “illogical” and also rejected the idea of an increase of the Irish Corporation Tax Rate as it would make the “economic situation worse”.
In addition, the National Treasury Management Agency has begun a investor road show that shall consist of a series of meetings with existing and potential investors from the following countries:
Ø China
Ø Sinapore
Ø Japan
Ø Malaysia
Ø The United Kingdom
Ø Germany
Ø France
Ø The United States of America
The objective of these meetings is to stay in personal contact with investors and establish new relations with potential investors in preparation for Irelands return to the bond markets in the second half of 2012.
John McCarrick
John McCarrick and Associates
11 Dunville Avenue, Rathmines
Dublin 6,Ireland
Telephone:01 4960102
Fax: 01 4973717
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