The Department of Finance has published details of the agreement on the financial package agreed between the Government, the EU and the International Monetary Fund.
The memorandum of understanding says the agreement is subject to three-monthly reviews to ensure that the Government is complying with the terms of the deal.
The document commits the Government to providing all information requested by the EU, ECB and IMF, while the Government must also consult these bodies on any policies that are 'not consistent' with the agreement.
It includes a commitment to take tax and spending measures of €6 billion in the Budget, including those outlined in the four-year plan published last week.
The Government will also set up an independent body to assess its budgetary position and forecasts by the end of June.
The agreement also includes measures on the banking system outlined by the Central Bank last Sunday.
Revised restructuring plans for Anglo Irish and Irish Nationwide will be submitted to the European Commission in early 2011, while the Government is also to submit draft legislation by the end of February on a 'special resolution scheme', or a framework to deal with banks which are in difficulty. This will allow the Central Bank to appoint a special manager to a troubled bank, and give it powers to transfer assets and liabilities to other institutions.
The documents released today also list a range of figures and reports which the Department of Finance, Central Bank and NTMA must make available to the EU and IMF on a regular basis. These include weekly figures on the main aspects of government spending and revenue and quarterly figures on public service wages and numbers.
The Central Bank must also provide weekly detailed information on the Irish banking system, including detailed information on deposits and loans in the main banks.
In a statement, Finance Minister Brian Lenihan said the Attorney General had advised him that the programme and its documents did not represent international agreements and did not require the approval of the Dáil.
He said that without the agreement, the country's ability to fund the payments to social welfare recipients and the salaries of nurses, doctors, teachers and Gardai, would have been 'extraordinarily limited and highly uncertain'.
Mr Lenihan confirmed that, during negotiations, he raised the issue of senior bondholders in the banks sharing some of their losses. 'The unanimous view of the ECB and the Commission was and is that no programme would be possible if it were intended by us to dishonour senior debt,' he said.
Minister Lenihan added that there was no way that this country, whose banks are so dependent on international investors, could unilaterally renege on senior bondholders against the wishes of the ECB.
But he said his department was working on legislation which would allow losses to be imposed on holder of subordinated bonds, adding that this would be looked at in situations where an institution receives substantial and significant State injections of capital.
