Press Release No. 11/33

Press Release No. 11/33
February 9, 2011

An International Monetary Fund (IMF) spokesperson issued the following statement today in Washington, DC on the occasion of the publication of the IMF’s Interim Staff Report for Ireland:

“The Interim Staff Report released today shows that implementation of the authorities’ economic program supported by the Extended Fund Facility (EFF) arrangement (see Press Release No.10/496) has been on target, with end-December 2010 structural benchmarks and quantitative performance criteria having been met.

“Economic indicators suggest a modest export-led recovery is under way in Ireland. In the banking sector, progress is being made towards recapitalizing, deleveraging, resolving nonviable banks, and strengthening the bank resolution framework. Fiscal performance has been in line with program targets and the passage of the Finance Bill will facilitate program implementation in 2011. The authorities have put in place robust procedures for program implementation and monitoring.

“The first and second reviews of the program will be combined and held at a date to be determined once the new government will be formed. In the meantime, technical discussion will continue to assess progress and discuss operational aspects of policy implementation to achieve the objectives under the program.

“An IMF mission visited Dublin during January 12-21 to conduct a scheduled interim review of economic developments and policy implementation, as called for under the Fund’s Emergency Financing Mechanism.”