13 thoughts on “IMF Completes Tenth Review Under the Extended Fund Facility Arrangement for Ireland and Approves €0.95 Billion Disbursement”

  1. @ Fiat

    The EC and IMF reviews (as opposed to the leak and press release from each, respectively) are due out in the next couple of weeks.

  2. @Bond Eoin Bond
    The IMF released a short statement yesterday. The key bit for us..”Two and a half years into their program, the Irish authorities maintain steadfast policy implementation. Improved market sentiment and the recently approved extension of EFSF/EFSM loan maturities have been reflected in a decline of bond yields. Yet economic recovery is not well established and risks to debt sustainability remain. Strong policy implementation and timely delivery on European pledges to enhance program sustainability remain key.”
    This part deserves comment..
    “With the launch of the Single Supervisory Mechanism next year, Ireland’s banking sector stress test will be aligned with the broader European exercise, ensuring a single test against common and stringent standards”

    We all know that the European tests were not fit for purpose…are the IMF again lowering their standards?

  3. I have given up on these reviews. It think we are back to the good old days where the local boys write the reviews for the international organisation or atleast have substantial input.

  4. “The Fall of the Celtic Tiger” page 103

    6.1 The Causes of the Fiscal Meltdown

    “The 2006 OECD report concluded that the fiscal position is healthy. (OECD 2006:10) and that ‘Ireland had continued its exemplary economic performance’ (OECD 2006:1). Its 2008 report (OECD 2008;8) observed ,as the crash was emerging,that ‘the economic fundamentals remained strong’.
    Further praise was lavished by the IMF in 2007 which assessed Ireland’s economic performance as ‘impressive’ even ‘remarkable’ (IMF 2007:19).”

  5. @zhou_enlai

    “It think we are back to the good old days where the local boys write the reviews for the international organisation or atleast have substantial input.”

    I am reliably informed that the international organisation writes the firt draft then it is edited to its final state by the local boys (with various politico PR Guys heavily involved). Quite a swift process really 😉

  6. “In the banking sector, just over 25pc of loans are nonperforming and losses persist, hindering new lending,” the review states.

    There be dragons……

  7. “… economic recovery is not well established and risks to debt sustainability remain.” IMF

    “… economic recovery is not well established and risks to debt sustainability remain.” IMF

    What .. er .. “savings”? One one cent has been written off for the 29 Billion into a DEAD Bank! I seem to remember a former French Finance Minister diting to former Irish Finance Minister “Mind your banks!” … costly advice.

    No mention of ‘legal fees’ or other .. er .. ‘professional’ fees!

    Keep up the good work. Nice on on Greece. Shorly we reach 180%GNP around here – must be an IMF record?

  8. the .. er .. “savings” refer to the .. er. Promissory Notes that the present lot morphed into Sovereign Debt … and heralded it as a ‘victory’ – wonder what a ‘defeat’ would look like? .. what cheese was that?

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