| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Economy Last Updated: Nov 28, 2010 - 7:26:53 PM

EU finance ministers meet in Brussels to approve expected €85bn EU-IMF bailout deal for Ireland
By Michael Hennigan, Founder and Editor of Finfacts
Nov 28, 2010 - 1:32:33 PM

Email this article
 Printer friendly page
International Monetary Fund 's Ajai Chopra, Deputy Director, European Department, is the IMF's head of mission to Ireland.

EU finance ministers are meeting in Brussels Sunday afternoon to approve an expected €85bn EU-IMF bailout deal for Ireland.

Minister for Finance Brian Lenihan is in Brussels to finalise the terms of a rescue package and a meeting of the Eurogroup, comprising finance ministers of the Eurozone, is scheduled to be followed by a meeting of finance ministers from all 27 EU member states.

It's reported that German and French leaders Angela Merkel and Nicolas Sarkozy, European Central Bank president Jean-Claude Trichet, European Council president Herman Van Rompuy and European Commission president José Manuel Barroso held telephone conversations on the package earlier today.

Olli Rehn, the European commissioner for economic and monetary affairs, said in remarks to reporters in Brussels: “We have a serious situation and we have to do our utmost to protect the foundations of the economic recovery and employment and today we shall make a very important decisions to that effect.”

Irish government officials told the Financial Times that the €85bn loan, from the International Monetary Fund (IMF) and members of the European Union, could extend to as much as nine years, compared with the three-year loan provided to Greece.

The rescue package is expected to include about €50bn in fiscal support over the next three years before Ireland returns to the international debt markets and €35bn in capital for the banks.

The Cabinet met on Saturday evening for a briefing, which included an update from the Governor of the Central Bank Patrick Honohan on the talks with the officials from the IMF, European Commission and the European Central Bank.

The Government has this afternoon issued a statement on the current state of play in negotiations for financial aid with the European Union and the International Monetary Fund. Here is the full, short statement:

"The negotiations which have been underway with representatives of the European Commission, the ECB and the IMF are concluding today. The Government met last night and were briefed on the progress which had been made.

The Government decided to proceed to conclude a Programme on that basis and authorised the Minister for Finance to finalise the negotiations at a meeting of the EU Finance Ministers in Brussels this afternoon.

It is expected that the Programme for assistance to Ireland will be adopted at this Ministerial meeting. It is anticipated on that basis that details of the agreement will be published later this afternoon."

Related Articles
Related Articles

© Copyright 2010 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March