Ireland ‘on track for successful conclusion’ of bailout - Rehn

EU economic and monetary affairs commissioner Olli Rehn has said both Ireland and Spain are "on track for a successful conclusion" of their bailout programmes.

Speaking at a Eurogroup press conference in Luxembourg this morning, Mr Rehn said the financial support provided to both countries by the EU-IMF had "helped to deliver an economic turnaround".

He noted that Ireland had posted positive growth every year since the beginning of the programme.

“Exports have remained resilient and there are signs that domestic demand is picking up.”

He said unemployment levels in both countries had begun to fall, but still remain “much too high”.

Mr Rehn said that the Central Bank of Ireland would complete its balance sheet assessment in the coming weeks, and the Bank of Spain would carry out an analysis of the future resilience of its banking sector.

“Without prejudging the outcome of these exercises, we can say that both countries have a very good chance of successfully concluding their programmes in a sustainable manner,” he said.