BRUSSELS (MNI) – The following is the full text of the Eurogroup
statement on Ireland, issued after a meeting of finance ministers in
Brussels today:
“The Eurogroup, the European Commission and the ECB take note of
the announcement of the Irish government aiming at reinforcing the
capital position of the banking sector, including by speeding up the
operations of NAMA.
“We view the comprehensive statement of the recapitalisation needs
of the banking sector as an important and helpful clarification of the
situation.
“We welcome the unequivocal commitment of the Irish authorities to
correct the excessive deficit by 2014, as previously agreed.
“We are looking forward to the multi-annual economic and fiscal
adjustment strategy of the Irish authorities, which should present
detailed consolidation measures and revised annual headline targets for
the whole period until 2014 including new structural reforms.
“The Irish authorities should develop this multi-annual strategy in
close cooperation with the Commission, in liaison with the ECB.
Ireland’s track record in terms of fiscal adjustment has so far been
strong and the consolidation measures taken have been effective.
“That is why we have confidence in the commitment of Ireland to
deliver a revised multi-annual adjustment programme that will bring its
deficit under the 3% target by 2014 and its public finances on a
sustainable path.
“In this respect, we welcome Ireland’s commitment to make an
additional consolidation effort in 2011 over and above the already
announced effort.
“The deficit figures for 2010 are on track, net of the significant
effect stemming from the financial sector measures. The latter do not
imply an immediate additional financing need for the Irish budget.”
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
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