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Ireland to exit international bailout in December Ireland to exit international bailout in December
(about 1 hour 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. Mr Noonan said the decision was in Ireland's best interests, and that he hoped to publish the main outlines of a medium-term economic strategy before 25 December.
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. The Department of Finance said confidence and sentiment towards Ireland has improved considerably in recent months and domestic and international economic conditions were also improving.
However, the banks themselves had borrowed heavily on the international money markets. The European Union, European Central Bank and International Monetary Fund (IMF) were the three bodies that provides the bailout funds.
"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.
"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."