Bailout conditions for the next few years from the
Independent and from the Dept. of Finance
**• Dec 2010
Dail to agree budget which will cut current spending by €2.09bn and cut capital spending by €1.03bn, reduce public sector pensions by 4pc and a host of other cuts
Government to agree “stringent” stress case scenarios for the banks and probe into banks
• Feb 2011
New legislation for failing banks which will give Central Bank new powers to appoint chief executives etc
Banks to submit plans for reducing debt
Government to inject €7bn into four banks to raise capital reserves ratio to 12pc
• March 2011
Government to complete and publish results of bank stress tests and agree bank debt reduction plan
Agree ways of hacking €750m off social welfare costs
• April 2011
New rules to force banks to maintain capital reserves ratio above 10.5pc
Complete assessment of credit union sector’s loan books and development of strategy to ensure sector’s survival
• May 2011
Cut minimum wage by €1
Legislation to change personal bankruptcy rules
Government to inject money into Irish Life & Permanent to raise capital reserves to 12pc
• June 2011 Budget Advisory Council to be created to ensure government predictions are not too rosy
• July 2011 Fiscal Responsibility legislation to be published to reform old-fashioned budgeting system
• September 2011
Report to be completed on how to improve banking supervision & boost staff numbers at Central Bank
Independent regulator for legal profession & new rules to encourage more choice for GPs
• December 2011
Dail to agree budget to cut spending by €2.1bn and increase taxes by €1.5bn.
Reduce public sector numbers and adjust pensions.
Introduce property tax, increase carbon tax and capital gains tax.
Legislation to increase regulation of credit unions to be published.
Fiscal Responsibility law to be passed by Dail.
Independent assessment of electricity and water charges
• June 2012 Legislation on reform of personal debt laws to be passed
• December 2013 Consolidation measures worth €3.1bn. Increase in property tax. Reduction in income tax bands ands tax credits. Also IMF is demanding that statistics be produced at much quicker rate
• In addition
Weekly Figures on government spending and the government’s cash position along with figures for the balance sheets of the commercial banks.
Monthly Figures on adherence to budget targets and the country’s debt positions.
Quarterly Details of the public sector wage bill and number of public sector employees.
I thought this cash was a loan.
The conditions read like it is a handout of free loot.
Do we have a government?
Did they actually sing on the dotted line for this?
Basically, laying out a framework that should already exist in a normally functioning democracy.
i thought it was intresting that the Chemists and Lawyers were mentioned by the IMF as oon as they got of the plane.
We do not have a functioning government at the moment. this much is clear.
finance.gov.ie/documents/pub … MFmemo.pdf
(Courtesy of namawinelake).