Minister’s Brief

• ESM Compensation Committee: Revision of ESM salary increase methodology
Detail:
1. Post Programme Surveillance/Monitoring (PPS/M):
Following exit from the EU-IMF Programme of Financial Support in December 2013, Ireland is
now subject to Post Programme Surveillance/Monitoring (PPS/M). Post-programme
surveillance (PPS) is conducted by the European Commission and the ECB whereas the Postprogramme
monitoring (PPM) is conducted by the IMF. PPS/M review missions are held twice
a year and normally take place in April/May and again in November/December.
The next (5 th ) PPS review by the European Commission and the ECB is scheduled to take place
on May 10 th -13 th . The IMF will conduct their PPM review separately, later in the month as part
of their Article IV review. The objective of Post-Programme Monitoring/Surveillance
(PPM/PPS) is to assess Ireland's economic, fiscal and financial situation following the
completion of the EU-IMF financial assistance programme. The focus of the assessment is on
Ireland’s ability to repay. The discussions cover the key areas of macroeconomic outlook,
financial sector developments, the budgetary outlook and structural reform measures.
Duration: The IMF Post-Programme Monitoring will continue until the outstanding credit falls
below 200 percent of quota. EU Post-Programme Surveillance will continue until the balance
of outstanding EU-sourced financial assistance (EFSF & EFSM) falls below 25% of the total.
Based on current maturities this will be 2021 for the IMF and 2032 for the EU. The early
repayment of the IMF loans will not affect the duration of the post programme monitoring.
Post programme monitoring will continue for the initially envisaged period.
The Data Provision Agreement: Following exit from the programme in December 2013
certain data continued to be issued to the Commission/ECB/IMF. This data included
disaggregated banking data on the premise that such banking data would be supplied only
until such time as the SSM was operational. The previous agreement has expired, and on
renewal of the banking data element, only aggregate banking data is being supplied.
The Commission have since requested ongoing receipt of disaggregated banking data. The
Department does not have a gateway to provide this data. Discussions are ongoing between
the Department, the Central Bank and the Commission to assess whether the CBI can provide
this data.
Page 63 of 184