Noonan: Government has taken back reins of Irish economy

The Government has claimed it is in a strong position to re-enter the international money markets as it exits its bailout.

A final review of the tough financing regime imposed by the International Monetary Fund and Europe has ended with Ministers declaring the country has finally taken back the reins of its own economic fortunes.

But Finance Minister Michael Noonan said no decision had been taken as to whether Ireland would require a precautionary credit line or financial backstop after it exits the bailout on December 15.

He said a decision would be reached on the so-called overdraft by that date.

“It’s still an open question,” Mr Noonan said.

“There are a lot of advantages of both sides of the discussion and we are fortunate that we do have choices and we are well positioned – either to have a clean exit or to look for a precautionary line of credit.

“We’re positioned to decide as a Government which course of action is in the best interest of Ireland and it’s a free choice. We’re not being pressured by anybody.”

Minister Noonan said the Troika's departure leaves Ireland in a ``very strong'' position to re-enter the money markets.

“The responsibility for continuing to restore the economic fortunes of Ireland has been completely passed back to the Irish Government,” Mr Noonan said.

“But that doesn’t mean no further action has to be taken.”

His colleague, Public Expenditure Minister Brendan Howlin, said the departure of members of the Troika review team – the IMF, European Central Bank and European Commission – was “an historic day that many predicted we wouldn’t reach”.