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| Ireland to exit international bailout in December | Ireland to exit international bailout in December |
| (35 minutes later) | |
| Ireland is to make a clean break from its three-year 85bn euro (£71bn) bailout programme next month, without seeking precautionary funding. | Ireland is to make a clean break from its three-year 85bn euro (£71bn) bailout programme next month, without seeking precautionary funding. |
| The Irish prime minister (taoiseach) Enda Kenny confirmed the move during a speech to the Irish parliament. | The Irish prime minister (taoiseach) Enda Kenny confirmed the move during a speech to the Irish parliament. |
| The Irish economy is emerging from one of the deepest recessions in the eurozone, having sought an international bailout in November 2010. | The Irish economy is emerging from one of the deepest recessions in the eurozone, having sought an international bailout in November 2010. |
| Ireland is due to leave the EU-IMF bailout on 15 December. | Ireland is due to leave the EU-IMF bailout on 15 December. |
| Mr Kenny said: "We will exit the bailout in a strong position. The government has been preparing for a return to normal market trading. | Mr Kenny said: "We will exit the bailout in a strong position. The government has been preparing for a return to normal market trading. |
| "We will set out a path to a brighter economic future for our people, a path from mass unemployment to full employment, from involuntary emigration to the return of thousands of people who have to leave for other countries to find work. | "We will set out a path to a brighter economic future for our people, a path from mass unemployment to full employment, from involuntary emigration to the return of thousands of people who have to leave for other countries to find work. |
| "Today is just the latest step in that ongoing journey, a significant step indeed but also just another step towards our ultimate job of getting Ireland working again." | "Today is just the latest step in that ongoing journey, a significant step indeed but also just another step towards our ultimate job of getting Ireland working again." |
| It is understood a decision not to seek a special overdraft facility was finalised at an emergency cabinet meeting on Thursday, ahead of Finance Minister Michael Noonan flying out to a summit in Brussels. | It is understood a decision not to seek a special overdraft facility was finalised at an emergency cabinet meeting on Thursday, ahead of Finance Minister Michael Noonan flying out to a summit in Brussels. |
| The European Union, European Central Bank and International Monetary Fund (IMF) were the three bodies behind the bailout. | The European Union, European Central Bank and International Monetary Fund (IMF) were the three bodies behind the bailout. |
| BBC Northern Ireland business and economics editor John Campbell said Irish banks had loaned billions of euros on the premise that property prices could only go up. | BBC Northern Ireland business and economics editor John Campbell said Irish banks had loaned billions of euros on the premise that property prices could only go up. |
| However, the banks themselves had borrowed heavily on the international money markets. | However, the banks themselves had borrowed heavily on the international money markets. |
| "When those markets froze, Ireland's banking system came close to collapse and had to be bailed out by the Irish taxpayer. At that point, the economy entered a deep recession," he said. | "When those markets froze, Ireland's banking system came close to collapse and had to be bailed out by the Irish taxpayer. At that point, the economy entered a deep recession," he said. |
| "Since then nearly €20bn (£16.7bn) of spending cuts and tax rises have been introduced, but foreign investment has continued to flow into the country. | |
| "This is because the Republic of Ireland is still one of the most business-friendly economies in the world. | "This is because the Republic of Ireland is still one of the most business-friendly economies in the world. |
| "It also has a young, well-educated workforce and taxes on profits for all companies, domestic or global, stand at a headline rate of 12.5%. | "It also has a young, well-educated workforce and taxes on profits for all companies, domestic or global, stand at a headline rate of 12.5%. |
| "It has helped to attract the world's biggest names in technology. Facebook, Google, Twitter and AOL all have major operations around Dublin." | "It has helped to attract the world's biggest names in technology. Facebook, Google, Twitter and AOL all have major operations around Dublin." |