Taoiseach expected to confirm bailout exit without stopgap credit line

Finance Minister Michael Noonan is briefing Cabinet ministers on Ireland’s exit from the bailout today.

It is understood the Taoiseach Enda Kenny and Tánaiste Eamon Gilmore will make an announcement in the Dáil before lunch time regarding Ireland's exit strategy as it emerges from the bailout on December 15.

It is widely expected that they will confirm that Ireland will exit the bailout without a precautionary credit line.

Minister Noonan was briefing his Government colleagues before setting off for Brussels where he is to meet European finance chiefs at ECOFIN on Friday.

Government Ministers are likely to discuss whether Ireland will require a precautionary credit line from Europe to serve as a financial backstop as the country re-enters the money markets.

The Minister has in the past indicated it would be better for Ireland to make a clean break from its debt masters – made up of the International Monetary Fund, European Central Bank and European Commission.

But he said as recently as yesterday that he sees the advantages to both options.