IMF Staff Country Reports · 2013 · 13 citations · 0 references
Public AffairsPublic FinancePublic PolicyBankingBudget ExecutionFiscal PolicyBank RecoveryBanking RegulationBudget DeficitsBudget Execution MonitoringFiscal Policy AnalysisMonetary PolicyBudget Deficit AnalysisDeficit MeasurementNonperforming Loan AnalysisNonperforming Loan ManagementPrimary Balance AdjustmentPrimary Income BalanceSme FinanceStructural Budget Deficits
KEY ISSUES Steadfast policy implementation has been maintained through the final review of the program. Budget execution has once more been solid in 2013, with the fiscal deficit expected to remain within the Excessive Deficit Procedure ceiling. Budget 2014 targets a balanced adjustment path, with a primary balance in 2014 and an overall deficit below 3 percent of GDP in 2015. Efforts continue to address the high level of nonperforming residential mortgages and SME loans and key bank diagnostics have been completed. Ireland has pulled back from a severe banking crisis with the support of the EU-IMF arrangements and broader European initiatives. Though below initial projections, growth has exceeded the euro area average and indicators suggest a recovery may be emerging. Banking reforms have supported financial stability.