Thursday, 20 June 2013

Questions (72)

Michael McGrath

Question:

72. Deputy Michael McGrath asked the Minister for Finance if he is seeking or has been offered a precautionary credit line for the period after Ireland completes the EU/ IMF programme; and if he will make a statement on the matter. [29841/13]

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Written answers (Question to Finance)

As the Deputy is aware, the EU-IMF Programme of Financial Support is envisaged to run to December this year. The Government’s focus is now firmly fixed on achieving a successful and durable exit from our programme and we are doing all we can to this end. We continue to meet our programme conditions and our strong implementation record has been recognised by our external partners and the financial markets. The highly successful sale of long term bonds by NTMA earlier this year is another very significant step towards regaining full market access.

Ireland will be the first country to exit an EU/IMF programme of this type. In this context, discussions on Ireland’s exit from the Programme took place during the recent 10th review mission and some further clarity on the possible options that might be available in terms of exit strategy was achieved. The issue will be considered further at the forthcoming reviews. All options that assist in supporting durable and sustainable future market funding will be considered in the light of what is appropriate for Ireland. In due course, this will require careful consideration by Government. No decisions have been taken to date by Government in this matter.