Ireland 'hitting bailout targets'

Ireland has met all targets in the latest assessment of the bailout programme, it has been revealed.

Officials from the EU/IMF/ECB Troika have declared Ireland's compliance with the bailout programme as being on track and said all targets to date have been met, according to a statement from Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin.

Minister Noonan said he is pleased that all conditions in relation to banking, fiscal and structural reform have been delivered on.

Some of the conditions in relation to banking are up to six months ahead of schedule, he added.

"This review was very much about seeing where we are in relation to the conditions of our programme and its specified targets," Minister Noonan said.

"I am pleased that the mission has concluded that Ireland is meeting all of the conditions and targets of our programme. We have met the fiscal targets. We have met the banking targets. We have met the structural reform targets."

“Good progress is also being made with regards to the programme with the public finances showing welcome signs of stabilisation after a number of very difficult years," Minister Howlin added.

A Troika staff mission has been in Ireland for the past week compiling the third quarterly review of Ireland's compliance with the programme.

Members of the mission are scheduled to give a press conference later.

The positive verdict comes just days after ratings agency Moody's downgraded our credit status to junk.

Minister Noonan said while he does not want to attack Moody's for downgrading to us as junk, he does not understand why it was done.

"It's certainly peculiar that they would have moved to re-rate Ireland (48 hours ahead of) the adjudication by the Troika of how the programme was going.

"You'd think it would have been reasonable to wait until today or tomorrow."