In line with Article 3(9) of Implementing Decision 2011/77/EU, the Commission, together with the International Monetary Fund and in liaison with the European Central Bank (ECB), conducted the fourth review of the Irish authorities’ progress in implementing the agreed measures as well as of the effectiveness and economic and social impact of those measures.

Bank of Ireland’s remaining outstanding capital requirement has decreased from EUR 500 million to EUR 350 million due to further liability management exercises and gains from closing out of hedging contracts attached to the subordinated debt instruments.

The Irish authorities have requested moving until the end of the second quarter of 2012 the deadline to prepare the legislation to strengthen the regulatory framework for the credit unions sector, to enable thorough consultation of stakeholders. In the meantime, the authorities will address the weaknesses in the most troubled credit unions while protecting deposits to ensure financial stability.

The Irish authorities have requested moving until the end of the first quarter of 2012 the deadline to prepare the envisaged fiscal responsibility legislation, which will give enactment to the recent enhancements of the Stability and Growth Pact, to enable thorough discussion with stakeholders.

In the light of these developments and considerations, Implementing Decision 2011/77/EU should be amended,