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Don't have an account? Forgot Password? Not an Irish Times subscriber? Photo: Lisbon Council. Site Section Headline News Related stories 'We can't go mad again' - the reality as Ireland leaves its bailout Ireland becomes first euro country to quit bailout programme Lessons from Ireland's failed bank guarantee Letter shows ECB threat ahead of Ireland bailout Irish voters reward Sinn Fein, punish government parties Irish inquiry into banking collapse begins without ECB.
Ireland becomes first euro country to quit bailout programme Analysis Lessons from Ireland's failed bank guarantee 1. Oct , Five years after the failed Irish experiment of giving a blanket state guarantee for banks, the EU has more rules in place, but taxpayers' money is still on the line. Letter shows ECB threat ahead of Ireland bailout 6. Nov , The ECB on Thursday formally made public a letter showing that the eurozone bank threatened to pull emergency bank funding if Ireland did not enter a bailout and undertake austerity measures in Irish voters reward Sinn Fein, punish government parties May , Irish voters on Friday gave a strong signal to the government that they have tired of austerity, reaching out to alternative parties in the local elections and on course to do the same for the EU vote.
Irish inquiry into banking collapse begins without ECB Dec , The Irish parliament is opening a formal inquest into the banking crisis that forced the country into an EU bailout, but the ECB will not appear before deputies. News in Brief Nov, Croatia ex-minister arrested on EU orders Nov, German Covid surge triggers death warning Details of the measures are set out in the accompanying Notes for Editors. The Programme lays out a detailed timetable for the implementation of the measures contained in the National Recovery Plan.
The conditions governing the Programme will be set out in the Memorandum of Understanding and the Government will work closely with the various bodies to ensure that these conditions are met.
The funding will be provided in quarterly tranches on the achievement of agreed quarterly targets. The Programme has two parts — the first part deals with bank restructuring and reorganisation and the second part deals with fiscal policy and structural reform.
The requirement for quarterly progress reports covers both parts of the programme. When the documentation on the Programme is finalised, it will be laid before the Houses of the Oireachtas. Bank Restructuring and Reorganisation The Programme for the Recovery of the Banking System will be an intensification of the measures already adopted by the Government. The programme provides for a fundamental downsizing and reorganisation of the banking sector so it is proportionate to the size of the economy.
It will be capitalised to the highest international standards, and in a position to return to normal market sources of funding. This analysis is based on a more cautious growth outlook in and and the need to service the cost of additional bank recapitalisations envisaged under the programme.
The Council has today extended the time frame by 1 year to The details of the Programme closely reflects the key objectives set out in the National Recovery Plan published last week. The Programme endorses the structural reforms contained in the Plan which will underpin a return to sustainable economic growth over the coming years.
The Government welcomes the support shown to Ireland by our Eurozone partners and in particular by the United Kingdom, Sweden and Denmark who have expressed their willingness to offer bilateral assistance. The Government also welcomes the assistance of the IMF.
As part of the Programme, Ireland will discontinue its financial assistance to the Loan Facility to Greece. Programme Expenditure Savings in Social Protection expenditure through enhanced control measures, structural reform measures, a fall in the live register and if necessary, further rate reductions.
Increase the state pension age to 66 years in , 67 in and 68 in Nominal value of State pension will not be increased over the period of the plan.
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