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"Keeping a close watch": Troika will conduct six-monthly monitoring visits to Ireland

The president of the Eurogroup said there would be be ongoing twice-yearly checks, but stressed there would be “no measures, just surveillance”.

Jeroen Dijsselbloem pictured with Michael Noonan
Jeroen Dijsselbloem pictured with Michael Noonan
Image: File photo - Geert Vanden Wijngaert/AP/Press Association Images

ALL THREE TROIKA organisations will be conducting twice-yearly visits to Ireland to check up on progress following the country’s exit of the bailout.

Taoiseach Enda Kenny announced yesterday that the country would be departing the EU-IMF programme without taking the option of a precautionary line of credit.

That move was welcomed last night by eurozone finance ministers ,who were meeting in Brussels.

The Eurogroup said in a statement that: “Ireland is a living example that EU-IMF adjustment programmes are successful provided there is a strong ownership and genuine commitment to reforms.”

Speaking after the release of that statement, Eurogroup president Jeroen Dijsselbloem said that it had previously been agreed that any country leaving a programme “would have extra surveuillance for some time”.

He said there would be “twice a year surveillance by the Commission and the Central Bank in a joint effort,” but stressed there would be:

“No measures just surveillance”

He said the two bodies would be “keeping a close watch on developments” to make sure progress is being made.

Dijsselbloem said that the Irish Government’s move yesterday had been a “wise decision” and one he fully supported.

“It was agreed right from the start that Ireland would make its own decision.

“Programme implementation has been very successful, as evidenced by the return of market confidence, the ongoing economic recovery and the improvement in employment.”

Speaking following the final troika review last month, IMF Mission Chief Craig Beaumont said the Washington-based Fund would also be conducting six-monthly reviews.

“The only thing that will be different is that there not be an assessment,” Beaumont said.

“We will be here every six months in a completely normal fashion”.

Related: ‘This is the right decision for Ireland’: Taoiseach confirms bailout exit without credit line >

Also: “The purpose of the programme was actually to exit the programme” – Noonan >

Read: The reviews are over but we may not leave for “a number of years” — IMF Mission Chief

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