IMF delivers tough assessment of Irish economy


Repossession is the order of the day from the IMF.

So what is next on the IMF agenda? Is it to be the total destruction of the Irish Nation… Shortly to be known as “Destitution Incorporated ” administered by the IMF

The International Monetary Fund has delivered a tough assessment of Ireland’s economic situation, highlighting lack of progress by banks and dangers of the country’s debt becoming unsustainable if growth forecasts are missed.

The fund has criticised Irish banks for “inadequate progress” in dealing with non-performing loans.

In its latest review of Ireland’s bailout programme, the fund also raises concerns that banks are losing money even before putting cash aside to cover bad loans.

The IMF states that lenders are “only beginning to tackle non-performing loans”.

It says repossessions are low at 0.3% of total mortgage arrears in 2012, compared to 3.25% in Britain and the United States.

The IMF suggested a need to strengthen the efficiency of the repossession regime.

It also said that the designation of specialist judges could concentrate expertise for handling a “potentially larger volume of repossession cases in an expedited manner”, while maintaining protections for homeowners.

While acknowledging progress to date, the fund expects Ireland’s economy to grow by 1.1% this year, by 2.2% next year and by 2.7% in 2015.

However, it says if growth was to fall short of these targets and to remain a sluggish 0.5% per year, public debt would escalate to one-and-a-half times the size of the economy by 2021.

That would put the economy on what the IMF calls an “unsustainable path”.

The IMF also has called on the EU to deliver on pledges made to Ireland, including recapitalisation of Irish banks from European funds, to ensure a successful exit from the bailout programme.

It says allowing the European Stability Mechanism bailout fund to directly invest in Irish banks could play “an invaluable role” in improving the country’s prospects for recovery and making the public debt burden more sustainable.

The high unemployment rate is also a focus of IMF attention.

“If involuntary part time workers and workers only marginally attached to the labour force – two groups that registered significant increases – are also accounted for the unemployment and underemployment rate stands at a staggering 23%,” the review says.

via IMF delivers tough assessment of Irish economy – RTÉ News.

via IMF delivers tough assessment of Irish economy – RTÉ News.

About Old Boy

Love the past and the future but live in the present

Posted on April 4, 2013, in buisiness, EU, Government, IMF/ECB, Ireland, politics, Wealth and tagged , , , , , , , , , . Bookmark the permalink. 8 Comments.

  1. Is Ireland too big too follow the Icelandic model of arresting the bankers and canceling debts for the people? Would there be enough popular support? In America, we’re too in love with our captors to divorce them.

    • Apathy reigns In Ireland. Suspect we have been sedated. The only hope is that some charismatic figure appears on the scene to lead the country forward. The bailout for Ireland is in fact a kind of a backdoor bailout for the German banks.

  2. Follow up to previous comment…my attempt at levity was not meant to make light of the genuine suffering of the people of Ireland.

    • If you go through the figures Ireland actually still enjoys a high standard of living right across the board. However the bottom rung suffer badly and the IMF/ECB Will continue to screw us.
      Ireland’s wealth is new wealth and is not based on past colonial glories.
      Bona is available but is he willing …maybe we will have to give Sir Bob Geldof a try. By the way my brother was at school with Bob

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