Ireland: Ninth Review Under the Extended Arrangement

IMF Staff Country Reports, April 3, 2013

Source details

Canonical URL

Ireland: Ninth Review Under the Extended Arrangement

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: April 3, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484328958.002

Executive summary and outlook

• A positive financial market and real sector developments support Ireland's capacity to exit the EU-IMF supported program at year's end.
• The underlying fiscal and financial situation is still difficult, and continued strong policy execution remains paramount.
• Improvement in dealing with nonperforming loans and preventing a rise in structural unemployment is critical to strengthen prospects for recovery.
• Ireland’s strong track record of budget execution must be maintained, and building on the recent strengthening of the medium-term budget framework will support a durable exit.

Key findings and risks

• Financial markets and real sector developments are positive and supportive of program exit.
• Fiscal and financial positions remain difficult despite recent improvements.
• Nonperforming loans present a material challenge that requires active resolution strategies.
• Preventing a rise in structural unemployment is essential to consolidate recovery gains.
• Continued strong policy implementation is necessary to secure a durable exit from the EU-IMF supported program.

Policy recommendations

• Maintain Ireland’s strong track record of budget execution.
• Build on the recent strengthening of the medium-term budget framework to support a durable exit.
• Improve mechanisms for dealing with nonperforming loans, including resolution and restructuring strategies.
• Take measures to prevent a rise in structural unemployment to strengthen recovery prospects.

Subject tags and keywords (as provided)

• Subject: Banking, Bond yields, Credit, Financial institutions, Loans, Money, Mortgages, Public debt
• Keywords: bank, Bond yields, CR, Credit, discount assumption, Europe, IMF quota, implementation, ISCR, Loans, mortgage, Mortgages, policy implementation, resolution strategy, restructuring target

Content in this bundle

• Ireland: Ninth Review Under the Extended Arrangement; IMF Country Report 13/93; March 13, 2013
  • Ireland: Ninth Review Under the Extended Arrangement; IMF Country Report 13/93; March 13, 2013 (Markdown version)
  • Ireland: Ninth Review Under the Extended Arrangement; IMF Country Report 13/93; March 13, 2013 (PDF)