Gilmore predicts Ireland on track for third troika review

IRELAND is on track to meet its obligations for the third review by EU and IMF lenders next month as part of the bailout agreement, according to Tánaiste Eamon Gilmore.

The Labour leader insisted that Ireland would meet its commitments when the EU/IMF/ECB officials visit Dublin in October.

The third quarterly review since the overall €67 billion rescue fund was agreed late last year is expected to focus on legislative commitments to further stabilise finances.

On its last visit in July, the troika warned of challenges for Ireland ahead of a tough budget.

But Mr Gilmore expects that Ireland will meet its bailout terms during the October review.

“We’re very confident about the third review,” Mr Gilmore said.

“We’re implementing all of the measures that we committed to. There are some legislative measures which have to be brought forward in the third quarter. The Government has been addressing those and they will be ready.

“We’re confident that again in the third quarter that the troika will again give a positive assessment of how Ireland is doing.”

A raft of legislation is expected to be brought through the Oireachtas in the coming weeks.

Mr Gilmore also called for a speedy rollout of changes to the bailout as agreed by eurozone countries as part of the European Financial Stability Facility last month.

The measures push out the repayment time of the €67bn loan to at least 15 years.

The changes also mean the cost of Ireland’s bailout could be cut by over €1bn a year, with other lenders set to follow the EU’s lead.