Noonan and ECB hold 'constructive' talks in Frankfurt

Wednesday 23 October 2013 20.24
European Central Bank president Mario Draghi and Michael Noonan  pictured at a previous meeting
European Central Bank president Mario Draghi and Michael Noonan pictured at a previous meeting

The ECB has described a meeting between Finance Minister Michael Noonan and European Central Bank President Mario Draghi as “constructive”.

The pair met in Frankfurt to discuss Ireland's pending exit of the EU-IMF bailout.

The ECB said both sides were taking stock of the progress made under the adjustment programme.

ECB Vice-President Vitor Constancio and Executive Board member Jörg Asmussen also attended the meeting.

Further talks will be held in the coming weeks.

Last night Mr Noonan held what were termed constructive talks with the European Commission Vice President Olli Rehn in Strasbourg.

Away from the media, Mr Noonan and Mr Rehn held what were called exploratory talks on the options available to Ireland as it leaves the EU-IMF programme.

A major aspect of this is whether or not whether Ireland applies for a precautionary credit line to help ease the country's transition from bailout to raising money from the markets.

In a statement after last night's meeting, Commissioner Rehn said the final decision on post-programme options is one for the Irish authorities.

Yet a significant factor in determining the Government's approach would be what conditions the EU, ECB or IMF might seek to apply when offering any additional post-bailout support. 

Michael Noonan will meet officials from the International Monetary Fund later.

It is also anticipated that the bailout exit strategy will mentioned in the margins of the EU leaders summit, when the Taoiseach arrives in Brussels tomorrow.