Government negotiates on supports for exit from bailout programme

The Government is in negotiations with the troika about support mechanisms when the country exits the IMF/EU bailout programme at the end of 2013.

Finance Minister Michael Noonan’s preferred option is to be covered by the ECB’S Outright Monetary Transactions (OMT) programme when it makes a full return to the markets.

When the ECB president Mario Draghi launched the OMT in early September, he said it could include countries exiting bailout programmes. If the ECB agrees to backstop Ireland at the end of next year, then the Frankfurt-based institution would be able to buy up unlimited amounts of short-term Irish debt to ease funding pressures.