{{Short description|Economic policy in Ireland}} {{Use dmy dates|date=April 2022}} [[File:Ireland bond prices.webp|thumb|300px|Ireland bond prices, Inverted yield curve in 2011<ref>[https://www.researchgate.net/figure/a-Irish-yield-curve-dynamics-around-2011-loan-amendments-b-Portuguese-yield-curve_fig2_342609297 Figure 2] within {{cite journal|doi=10.1007/s11558-020-09388-9 |title=Official sector lending during the euro area crisis |year=2020 |last1=Corsetti |first1=Giancarlo |last2=Erce |first2=Aitor |last3=Uy |first3=Timothy |journal=The Review of International Organizations |volume=15 |issue=3 |pages=667–705 |s2cid=225624817 }}</ref> {{legend-line|#FF8200 solid 3px|15 year bond}} {{legend-line|#009A44 solid 3px|10 year bond}} {{legend-line|#88FA4E solid 3px|5 year bond}} {{legend-line|#970E53 solid 3px|3 year bond}} ]] The '''Economic Adjustment Programme for Ireland''', usually referred to as the '''Bailout programme''', is a memorandum of understanding on financial assistance to Ireland in order to cope with the Post-2008 Irish financial crisis.
It was signed on 16 December 2010 by the Irish Government under then-Taoiseach Brian Cowen on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF).
On 15 December 2013, Ireland exited the programme. <!-- ==Background== {{main|Post-2008 Irish banking crisis{{!}}Post-2008 Irish financial crisis}} -->
==Memorandum of understanding==
On 28 November 2010, European Commission, European Central Bank (ECB) and the International Monetary Fund (IMF), colloquially called the European Troika, agreed with the Irish government in a three-year financial aid programme on the condition of far-reaching austerity measures to be imposed on the Irish society in order to cut government expenditure.<ref>{{cite news|url=https://www.theguardian.com/business/ireland-business-blog-with-lisa-ocarroll/2010/nov/28/ireland-bailout-full-government-statement|title=Government Statement on the announcement of joint EU - IMF Programme for Ireland|work=The Guardian|first=Lisa|last=O'Carroll|date=2010-11-28|accessdate=2015-01-05|archive-date=2014-07-15|archive-url=https://web.archive.org/web/20140715085928/http://www.theguardian.com/business/ireland-business-blog-with-lisa-ocarroll/2010/nov/28/ireland-bailout-full-government-statement|url-status=live}}</ref>
To avoid the legislative ratification procedures required for treaties under international law, the programme was set up as an intergovernmental agreement consisting of: * the ''Memorandum of Economic and Financial Policies'' (MEFP), * the ''Memorandum of Understanding on Specific Economic Policy Conditionality'' (MoU), * and the ''Technical Memorandum of Understanding'' (TMU), the actual Loan Facility Agreement. The agreements were signed on 16 December 2010{{when|date=January 2015}} by the Irish government and the European Commission.
===Financial aid=== The total amount of €85 billion would consist of €67.5 billion external support, consisting of: * €22.5 billion from the European Financial Stabilisation Mechanism (EFSM), * €22.5 billion from the European Financial Stability Facility (EFSF) and bilateral loans from the Euro non-member states Denmark, Sweden and the United Kingdom, and * €22.5 billion from the International Monetary Fund (IMF) as well as a €17.5 billion contribution from the Irish Treasury and the National Pension Reserve Fund.<ref name="National Pensions Reserve Fund Quarterly Performance Statement">{{cite web|url=http://www.nprf.ie/Performance/performance3Qtr10.htm|title=National Pensions Reserve Fund Quarterly Performance Statement|publisher=National Pensions Reserve Fund|date=30 September 2010|accessdate=13 March 2013|url-status=dead|archiveurl=https://web.archive.org/web/20141219211036/http://www.nprf.ie/Performance/performance3Qtr10.htm|archivedate=19 December 2014}}</ref> <!-- ===Commitments of the Irish government===
==Disbursement== -->
==See also== * Post-2008 Irish economic downturn * Post-2008 Irish banking crisis * Economic Adjustment Programme for Cyprus * First Economic Adjustment Programme for Greece * Second Economic Adjustment Programme for Greece * Third Economic Adjustment Programme for Greece * Economic Adjustment Programme for Portugal * Financial Assistance Programme for Spain
==References== {{reflist}}
==Literature== * {{cite book|ref=ocp76|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2011/pdf/ocp76_en.pdf|title=The Economic Adjustment Programme for Ireland|author=European Commission|authorlink=European Commission|series=Occasional Papers|issue=76|date=February 2011|place=Brussels|isbn=978-92-79-19326-2|doi=10.2765/18170|doi-broken-date=12 July 2025 }}
==External links== * [http://ec.europa.eu/economy_finance/assistance_eu_ms/ireland/index_en.htm Financial assistance to Ireland] on the website of the European Commission
Category:Eurozone crisis Category:2010s in economic history Category:2010s in Irish politics Ireland Category:Brian Cowen Category:Post-2008 Irish economic downturn