G7We welcome the announcement that the Government of Ireland is applying for financial assistance from the European Union and the International Monetary Fund.
We welcome and fully support the announcement that the European authorities and the IMF will provide the necessary financial resources for Ireland to implement its fiscal reform plans and stabilise its banking system. The co-ordinated action of European countries and the IMF reflects our shared resolve to act swiftly and decisively to mitigate emerging risks, maintain market stability, and safeguard the global recovery.
ECBThe governing council of the European Central Bank welcomes the request of the Irish Government for financial assistance from the International Monetary Fund (IMF), the European Union and euro-area member states. The ECB concurs with the commission, Ecofin ministers and the euro group that providing assistance is warranted to safeguard financial stability in the European Union and in the euro area. The EU and euro-area financial support, together with the IMF financing, will be provided under strong policy conditionality, on the basis of a programme negotiated with the Irish authorities by the commission and the IMF, in liaison with the ECB. We are confident this programme will contribute to ensuring the stability of the Irish banking system and permit it to perform its role in the functioning of the economy.