Rehn says Ireland and Spain on track for successful exit from programmes

Tuesday 15 October 2013 10.49
Olli Rehn says both Ireland and Spain have a 'very good chance of successfully concluding their programmes in a sustainable manner'
Olli Rehn says both Ireland and Spain have a 'very good chance of successfully concluding their programmes in a sustainable manner'

The European Commissioner for Economic and Monetary Affairs, Olli Rehn, has said that Ireland is on track for a ''successful conclusion'' to its bailout programme.

The Commissioner noted that Ireland has posted positive growth every year since the beginning of the programme.

"Exports have remained resilient and there are signs that domestic demand is picking up. Unemployment has begun to fall in recent months, although it still remains much too high," Mr Rehn said.

The Commissioner also said that Spain is expected to emerge successfully from its financial sector programme. 

He said that Spanish exports have reached record levels and "bold structural reforms" are helping to transform the country's competitiveness. But he also warned about the high level of unemployment there.

He said that the Central Bank will complete its balance sheet assessment of the Irish banking sector in the coming weeks. Spain's central bank will also carry out its forward-looking exercise to analyse the resilience of its banking sector in these two countries.

"Without prejudging the outcome of these exercises, we can say that both countries have a very good chance of successfully concluding their programmes in a sustainable manner," Mr Rehn stated.