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European Commission

MEMO

Brussels, 14 November 2013

Statement by Vice-President Rehn on Ireland's decision regarding programme exit

This morning, Michael Noonan informed me of the Irish Government's decision to exit the EU/IMF programme in December as planned and without a pre-arranged precautionary credit facility.

I know the Irish Government has reflected very carefully on this matter. The European Commission has always made very clear that this was a decision for Ireland to take and that we would support Ireland, whichever decision was taken.

While challenges remain, Ireland has made impressive progress and is well placed to make a successful and durable programme exit. Graduation from the programme will send a very clear signal to markets and international lenders that the adjustment effort undertaken in Ireland, with the support of its European and international partners, has paid off. Ireland has accumulated significant cash buffers under the programme, helped by the decision taken earlier this year by European creditors to extend the maturities on loans granted to Ireland.

In short, today is a good day for Ireland and the Irish people. It provides clear evidence that determined implementation of a comprehensive reform agenda can decisively turn around a country's economic fortunes and put it back on a path of sustainable growth and rising employment.


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