Troika to keep eye on Ireland for 20 years

Ireland is likely to be under surveillance from the troika and the ESM for the next 20 years.

Finance Minister Michael Noonan acknowledged that until 75% of the €67.5bn loans are paid, there will be extra surveillance to make sure the country is “not going down the wrong road”.

While congratulations flooded in from member states for Ireland’s clean exit, German Chancellor Angela Merkel, phoned Brussels to check if the Irish knew what they were doing, EU sources said.

One of the concerns is whether AIB and Permanent TSB will pass the stress test next autumn because, if they need extra money, they may have to turn to the State.

However, Mr Noonan was adamant this would not be the case. “There is not a shred of evidence that there is any additional capital reserves needed by the Irish banks,” he said.

“The Irish economy is not going to fail. We have strong banks and we will make them stronger.”

Portugal was far from happy about Ireland’s clean exit. Now it will have to negotiate a credit line on its own.