IMF/EU review will find all commitments met - Noonan

Tuesday 17 April 2012 19.05
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Troika officials back in town for sixth review of loan programme
Troika officials back in town for sixth review of loan programme
ECB's Klaus Masuch leaving Ireland team for Greece
ECB's Klaus Masuch leaving Ireland team for Greece
UK Treasury Minister Mark Hoban says Irish recovery in UK's interest
UK Treasury Minister Mark Hoban says Irish recovery in UK's interest
Michael Noonan says most interesting part of latest review will focus on 'looking forward''
Michael Noonan says most interesting part of latest review will focus on 'looking forward''

The Government expects the sixth review of the IMF/EU loan programme will find that Ireland will have meet all its commitments for the first three months of 2012.

This is according to the Finance Minister, Michael Noonan.

Mr Noonan said the more interesting part of the mission by the bail-out team would focus on "looking forward".

He said there would be a change of personnel at the next review as there would be a different representative of the European Central Bank there.

"We will have a new relationship to establish," he said.

The Minister's comments refer to the ECB's Klaus Masuch. He is standing down from the bank's team on Ireland to focus full time on the bail-out for Greece.

Mr Noonan made his comments as he entered Government Buildings for a Cabinet meeting this morning.

The EU/IMF mission also held its first meeting with Irish officials in the Department of Finance this morning. Among the team was Mr Masuch, IMF deputy director Ajay Chopra and the European Commission's director of economic and financial affairs Istvan Szekely.

Meanwhile, Britain has delivered the third instalment of its bilateral bail-out loan to Ireland, Treasury minister Mark Hoban said today.

Hoban said Ireland had passed a review by the International Monetary Fund and European Union, clearing the way for a payment of £403.37m sterling.

The instalment - part of about £1.2 billion disbursed so far - has a maturity date of September 30, 2019.

"The government believes that it is in our national interest that the Irish economy is successful and its banking system is stable," Hoban said.

Britain, which agreed to lend £3.25 billion directly to Ireland as part of a £7 billion contribution to an international bail-out, cut the rate it charges on the loan last year to ease pressure on Ireland.