Troika targets met but tough budget ahead

IRELAND has met mid-year targets set out by the EU/IMF financial loans programme, but still faces a tough budget later this year, says Minister for Finance Michael Noonan.

Opposition finance spokesmen yesterday highlighted increased costs and staff numbers in the minister’s department for this year, which are being attributed to reform in the banks.

Mr Noonan told members of the Oireachtas Select Committee on Public Expenditure and Reform that Ireland was now able to draw down the next round of loans from the EU and IMF despite Moody’s downgrade of Irish debt to junk status.