Executive Directors welcomed the report by the Independent Evaluation Office (IEO) on the IMF and the Crises in Greece, Ireland, and Portugal, and appreciated the accompanying statement by the Managing Director. They agreed that the report's findings provide valuable insights and lessons for...

This paper sets out Management's response to the Independent Evaluation Office's (IEO) report The IMF and the Crises in Greece, Ireland, and Portugal as part of the Management and staff follow-up to an IEO evaluation. The implementation plan proposes specific actions to address the...

The staff report for Ireland’s fifth review under the Extended Arrangement states that financial sector reforms continued to advance, with the two structural benchmarks for end-2011 observed. In particular, targets for bank deleveraging in 2011 were met, with almost €15 billion of...

The Irish authorities are adopting consolidation measures to meet the original fiscal targets as well as implementing structural reforms in the labor market and sheltered sectors to enhance competitiveness. Strengthened euro area support for Ireland’s growth and debt sustainability would...

The Executive Board approved a three-year Extended Arrangement under the Extended Fund Facility (EFF) for Ireland under the exceptional access policy and Emergency Financing Mechanism (EFM). Political developments have been turbulent. The authorities are moving ahead with a comprehensive...

The economic and financial pressures facing Ireland are intense. The banking sector is at the fulcrum of Ireland’s problems. The program, therefore, aims to restore the banking system. It will address structural problems and restore confidence. A leaner and more robust banking sector is the...

The Irish authorities steadfastly maintained strong policy implementation despite a sharp escalation and expansion of stress in euro area sovereign bond markets. Strengthened European support is welcome, but early implementation is key, and restoring broader stability in the euro area is...

The Sixth Review Under the Extended Arrangement with Ireland highlights that Ireland’s policy implementation has continued to be steadfast. Ownership of the program remains strong despite the considerable challenges the country is facing. Ireland’s progress in strengthening the financial...