Noonan confident on bailout review

Tue, Apr 17, 2012, 01:00

Minister for Finance Michael Noonan said he expects Ireland will have met all its targets under its EU-IMF bailout programme, as officials from the International Monetary Fund, the EU Commission and the European Central Bank begin their sixth quarterly assessment..

As the delegation of troika officials arrived at the Department of Finance this morning to begin its 10-day review of how Ireland is performing under the bailout programmes, Mr Noonan predicted Ireland would come out of the review positively.

Mr Noonan also said there was a new relationship to establish with with the new representative appointed by the ECB to lead its Irish mission from May. Diego Rodriguez-Palenzuela is to take over as lead official in the Troika talks.

The issue of promissory notes is expected to be a central focus for discussions between Government officials and the troika.

While the Government did succeed in converting a €3.06 billion annual payment due at the end of last month into a long-term bond, the discussions on the wider issue of the €30 billion promissory note issued primarily to Anglo Irish Bank and Irish Nationwide has not been resolved as yet.