02 December 2010

Bailout Details Follow Dáil Debate

Just hours after the Irish premier, Brian Cowen used the second day of a special debate in the Dáil to further outline the contentious European funding programme for Ireland, the full details have been published for public consumption.

On foot of his briefing the TDs, the Department of Finance released an outline of the deal on the €85bn financial package agreed between the Government, the European Union and the International Monetary Fund.

The memorandum of understanding said the agreement is subject to quarterly reviews to ensure that the Government is complying with the terms of the deal.

The document commits the Government to providing all information requested by the EU, European Central Bank and IMF, while the Government must also consult these bodies on any policies that are 'not consistent' with the agreement.

It includes a commitment to take tax and spending measures of €6bn in the Budget, including those outlined in the four-year plan published last week.

The agreement also includes measures on the banking system outlined by the Central Bank last Sunday.

The documents released on Wednesday also list a range of figures and reports which the Department of Finance, Central Bank and National Treasury Management Agency must make available to the EU and IMF on a regular basis.

These include weekly figures on the main aspects of Government spending and revenue and quarterly figures on public service wages and numbers.

The Central Bank must also provide weekly detailed information on the Irish banking system, including detailed information on deposits and loans in the main banks.

(BMcC/KMcA)