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Council Implementing Decision of 22 June 2012 amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland (2012/375/EU)
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Council Implementing Decision
of 22 June 2012
amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland
(2012/375/EU)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism(1), and in particular Article 3(2) thereof,
Having regard to the proposal from the European Commission,
Whereas:
(1) Upon a request by Ireland, the Council granted, by means of Implementing Decision 2011/77/EU(2), financial assistance to it in support of a strong economic and financial reform programme (‘the Programme’) aiming at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Ireland, the euro area and the Union.
(2) In line with Article 3(9) of Implementing Decision 2011/77/EU, the Commission, together with the International Monetary Fund (IMF) and in liaison with the European Central Bank (ECB), has conducted the sixth review of the Irish authorities’ progress on the implementation of the agreed measures as well as of the effectiveness and economic and social impact of those measures.
(3) The Irish authorities presented to Parliament legislation to enhance the long-term sustainability of the public finances in September 2011, as envisaged under the Programme. Some elements of the envisaged reform were not adopted by Parliament by the end of the abovementioned sixth quarterly review, in particular, as regards pension entitlements for new entrants to the public service, including a review of accelerated retirement for certain categories of public servants and an indexation of pensions to consumer prices, and the linking of pension benefits to career average earnings and of retirement age to state pension retirement age. The authorities have committed themselves to securing the approval of these provisions by end 2012.
(4) In light of the postponement of the EU-wide stress test exercise carried out under the auspices of the European Banking Authority to 2013, it is considered appropriate that the next stress test of the domestically-owned Irish banks be postponed to 2013. In the meantime, the authorities have identified key preparatory work-streams, which will be completed in 2012.
(5) The Irish authorities have identified additional measures that they will undertake in 2012 to reduce unemployment and underpin the attainment of the programme objectives. In particular, they will take steps to increase the effectiveness of their labour market activation and training policies and reduce any potential for social payments to provide disincentives for people able to take up work while protecting the most vulnerable.
(6) In light of these developments and considerations, Implementing Decision 2011/77/EU should be amended,
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