Dáil Éireann Debate, Wednesday - 23 March 2011
34 Deputy Sandra McLellan asked the Minister for Finance the discussions that he and other representatives from the Department of Finance have had within the past few weeks with the International Monetary Fund; the positions taken by him and the IMF; the outcome of the meetings; if he will provide a schedule of meetings he is due to have with officials from both the Commission and the IMF; and if he will make a statement on the matter. [5407/11]
View answerThe Minister for Pubic Expenditure and Reform, Deputy Howlin, myself and officials from my Department met with key officials from the IMF, the European Commission and the European Central Bank, in my Department on Wednesday, 16 March to discuss the implications of the programme for Government for the EU/IMF Programme of Financial Support for Ireland. I restated this Government's commitment to the fiscal targets set out in the EU/IMF programme while outlining this Government's intention to reconsider some of the spending and revenue measures within the EU/IMF programme. I have committed to discussing any proposed changes to the programme with the IMF, European Commission and ECB. It is clearly understood that any changes to the EU/IMF programme that have cost implications will have to be compensated for with alternative measures.
In relation to the financial sector, I explained that the Government's approach to the bank restructuring as agreed under the EU/IMF programme will depend on the results of the stress tests which are not available until 31 March.
As you will be aware, the first EU/IMF programme quarterly review was due to take place last month. However, given the timing of the general election, the quarterly review was deferred and a technical mission took place in February in its place. The first quarterly review is being combined with the second quarterly review which has been provisionally scheduled to take place from the 5 to 15 April. The schedule for this review has yet to be finalised.
Finally, I would also point out that there are regular contacts at official level between the Irish authorities and the EU, the ECB and the IMF concerning the support programme.
