Questioning Noonan | On Ireland’s exit from the Troika programme

Stephen asked the Minister for Finance:

Ireland’s expected date of exit from the Troika programme, that is, the estimated date that the agreed funding will have to be fully used, taking into the account the recent agreement on the promissory notes; and if he will make a statement on the matter.

Ref No: 21776/12

Minister for Finance ( Mr Noonan) :

As the Deputy is aware, the programme is envisaged to run to the end of 2013. All programme funding must be drawn down by that date. While the arrangement regarding the recent March promissory note payment does not affect the programme timeframe, it does mean that the Exchequer has additional cash reserves of €3.06 billion at its disposal.

On the basis that we fully draw-down the remaining EU-IMF funds available under our programme and taking account of the current projections for the State’s financing needs, I understand from the NTMA that the programme covers Ireland’s financial requirements until the end of 2013.