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Economy and Finance

Financial assistance to Ireland

Information on Ireland's economic adjustment programme, post-programme surveillance and an overview of disbursements.

Post-programme surveillance

From 2011 until the end of 2013 the European Union and the International Monetary Fund (IMF) provided financial assistance to Ireland. In December 2013, Ireland successfully completed the EU-IMF financial assistance programme, with the vast majority of policy conditions under the programme substantially met and investor confidence restored for the sovereign and the banks.

Ireland is subject to post-programme surveillance (PPS) until at least 75% of the financial assistance received has been repaid. PPS will last at least until 2031.The objective of PPS is ultimately to measure Ireland's capacity to repay its outstanding loans to the European financial stability mechanism (EFSM), European financial stability facility (EFSF) and bilateral lenders.

Under PPS, the European Commission and the European Central Bank (ECB) will

  • conduct regular review missions in Ireland to assess its economic, fiscal and financial situation
  • prepare semi-annual assessments of Ireland's economic, fiscal and financial situation and determine whether corrective measures are needed

Overview of disbursements

Overview of EFSM loan disbursements to Ireland



Raised on

Disbursed on

€0.8 billion

10 yr

18 March 2014

25 March 2014

€1 billion

15 yr

23 Oct. 2012

30 Oct. 2012

€2.3 billion

15 yr

26 June 2012

03 July 2012

€3 billion

20 yr

27 Feb 2012

05 March 2012

€1.5 billion

30 yr

09 Jan 2012

16 Jan 2012

€0.5 billion

7 yr

29 Sept 2011

06 Oct 2011

€2 billion

15 yr

22 Sept 2011

29 Sept 2011

€3 billion

10 yr

24 May 2011

31 May 2011

€3.4 billion

7 yr

17 March 2011

24 March 2011

€2 billion

25 yr*

05 Jan 2011

12 Jan 2011

€1 billion

19 yr*

05 Jan 2011

12 Jan 2011

€2 billion

13 yr*

05 Jan 2011

12 Jan 2011

* The original maturity of 5 years of the EFSM loan of €5 billion raised on 05 January 2011 and disbursed on 12 January 2011 to Ireland was extended in three tranches, in line with Council implementing decision 2013/313/EU.

Complementary disbursements were made by the EFSF and the IMF.

The last EFSM disbursement took place in March 2014.

Economic adjustment programme for Ireland

The economic adjustment programme for Ireland was formally agreed in December 2010. It included a joint financing package of €85 billion for the period 2010-2013. The contributions to the package were as follows

  • EFSM €22.5 billion
  • EFSF €17.7 billion
  • bilateral contribution from the United Kingdom €3.8 billion
  • bilateral contribution from Sweden €0.6 billion
  • bilateral contribution from Denmark €0.4 billion
  • IMF €22.5 billion

There was also an Irish contribution through the treasury cash buffer and investments of the national pension reserve funds.

Objectives of the programme

The economic adjustment programme for Ireland had the following objectives

  • immediate strengthening and comprehensive overhaul of the banking sector
  • ambitious fiscal adjustment to restore fiscal sustainability, correction of excessive deficit by 2015
  • growth-enhancing reforms, in particular of the labour market, to allow a return to a robust and sustainable growth


The total €85 billion of the programme were financed as follows:

  • €67.5 billion external support, €22.5 billion for each of
    • EFSM (by end of 2013: €21.7 billion disbursed)
    • EFSF (by end of 2013: €17.7 billion disbursed), as well as bilateral loans from the UK, Denmark and Sweden
    • IMF (by end of 2013: SDR 19.5 billion disbursed)
  • €17.5 billion contribution from Ireland (treasury and national pension reserve fund)

Programme disbursements were made over 3 years on a quarterly basis but following separate timetables by the EFSMEFSFIMF and bilateral lenders. The last EFSM disbursement took place in March 2014.


  • Report
  • Directorate-General for Economic and Financial Affairs

This report by the European Commission presents the findings of the nineteenth post-programme surveillance mission to Ireland and identifies remaining challenges.