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Niall Carson/PA Wire

Noonan: There's no backup fund if Ireland votes No

The Minister for Finance dismissed reports in a Sunday newspaper that Ireland would be able to get a new bailout from the IMF regardless of the result of the referendum.

FINANCE MINISTER MICHAEL Noonan has dismissed a suggestion that Ireland will be able to apply for a new bailout from the IMF  if the country votes No in the upcoming Stability Treaty referendum.

In a statement this afternoon, Minister Noonan said that comments by an IMF spokesperson in an article in today’s Sunday Times had been misrepresented and that an €800m EU fund will be the only possible source of funds for Ireland when the bailout programme ends next year.

In the article, the spokesperson from the IMF was quoted as saying there was no reason why Ireland could not apply for money from the IMF when the current bailout ends in 2013.

However this afternoon Minister Noonan said the IMF had made it “crystal clear” during its bailout negotiations with Ireland, Greece and Portgual that it would not provide unilateral assistance to Eurozone countries. The IMF has also made clear that it is only prepared to contribute to a bailout if Europea takes the lead and the amount of the IMF contribution depends on the amount of the European contribution.

He added:

If Ireland votes no in the referendum, Ireland will not have access to ESM funds. The ESM will be the only source of bailout funds when the Irish programme ends.

The government has repeatedly said that Ireland will not be able to access the EU’s €800 million European Stability Mechanism (ESM) fund if the country votes no in the Stability Treaty referendum on 31 May.

The Minister said that the Government wants to “give certainty” at home and abroad in order to build confidence in Ireland.

“A No vote is a leap into the unknown,” said Minister Noonan.

Kenny wants ESM amended to allow direct loans to banks >

Column: If Ireland votes no, how would we finance the country? Here’s how >

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198 Comments
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    Mute Aus Tereo
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    Feb 5th 2014, 8:13 AM

    They should also state that the stories you hear in the pubs back home about people walking into jobs are earning $10,000 an hour are absolute bull!

    There are plenty of Australians looking for work and if you’re on a temporary visa you have very little hope of beating them to a job. The rewards are great if you can get work but it’s certainly no walk in the park.

    140
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    Mute Shane Griffin
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    Feb 5th 2014, 7:50 AM

    Come to New Zealand instead, it’s way better over here.

    107
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    Mute Phil Quinlan
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    Feb 5th 2014, 7:55 AM

    Believe New Zealand is the best part of Australia…

    85
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    Mute Gary Dooley
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    Feb 5th 2014, 8:47 AM

    Please don’t encourage them to come to NZ, I don’t want to have to move again.

    49
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    Mute Dee4
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    Feb 5th 2014, 8:04 AM

    anything in there about reponsibilities? “No Irish” is an earned term down that way

    58
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    Mute craig garvin
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    Feb 5th 2014, 8:17 AM

    We only have ourselves to blame for that one. The majority of those who left here for oz in the first few years, are those who were to lazy and useless to keep there jobs here. They didnt learn from that and have contributed to the bad reputation of good honest irish workers. Or those employers tried to keep employed for as long as possible during the recession.

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    Mute Seamus McKenzie
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    Feb 5th 2014, 8:40 AM

    @craig, that is complete nonsense. They’re has always been an attitude towards the Irish in Australia. It’s all linked to the troubles in the North. Went for an interview over there and was verbally abused, and branded a terrorist, just because I was Irish.

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    Mute Alan Seag
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    Feb 5th 2014, 1:42 PM

    @ seamus

    What company and interviewer would risk their career and business existence by racially abusing potential employees? Name and shame them or better yet, report then to the authorities, if indeed your story is true.

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    Mute Seamus McKenzie
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    Feb 6th 2014, 6:54 AM

    An Employment agency in bays water in 2004. It’s something I will never forget. As I only had been in the country a wet day. My wife was gobsmacked sitting in the car when I told her. He was an old English fella, and we put it down to plain old ignorance.

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    Mute Seamus McKenzie
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    Feb 6th 2014, 6:59 AM

    Back in 2004, the Irish community in Melbourne was practically non existent. There was no parade there for a couple of years.

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    Mute Bernard
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    Mar 19th 2014, 7:33 AM

    Craig is correct and you’re speaking complete nonsense Seamus, but given your extremist attitudes posted on other Journal articles the employer would seem to be a good judge of character. Be that as it may, Craig is unfortunately right. Some of the first wave of Irish have behaved in a manner that does not reflect well on everyone else. It’s not “victimisation” – just calling a spade a spade.

    http://globalgaa.forumotion.net/t4400-irish-in-perth-warned-of-behaviour-by-police-via-gaa-clubs

    http://www.broadsheet.ie/2012/05/08/notice-from-western-australia-police-%E2%80%93-irish-antisocial-behaviour-in-perth/

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    Mute Seamus McKenzie
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    Mar 19th 2014, 7:41 AM

    Ah Bernard, Trolling again.

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    Mute Bernard
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    Mar 19th 2014, 8:37 AM

    Disagreeing with you Seamus is hardly “trolling”

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    Mute Jimbo Murphy
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    Feb 5th 2014, 9:33 AM

    Over 89,000 people left last year and over 50,000 returned, 1 of which was me from a 2 year working holiday in oz. Like the name of the visa suggests, this is a holiday. The vast majority of those who leave will return when their visa expires. The Australian government is quite good at hunting those who overstay their visa and returning them home.

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    Mute Martin Gallagher
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    Feb 5th 2014, 10:19 AM

    It really annoys me when they go on about how many people leave. They come back too ya know. These visas are temporary. They mention these figures in news outlets as if the country is emptying. Am I correct in saying Ireland is experiencing population growth over the last few years???

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    Mute Noel Keary
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    Feb 5th 2014, 7:59 AM

    Fact. NZ all the way.

    44
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    Mute Ogochukwu
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    Feb 5th 2014, 9:08 AM

    Farty

    Unlivable ..lol

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    Mute Declan Byrne
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    Feb 5th 2014, 8:25 AM

    Is there resentment towards the irish now in Aus due to there been so many irish and jobs are getting tougher to get out there does anyone know?

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    Mute Aus Tereo
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    Feb 5th 2014, 8:35 AM

    I don’t think there is really but I can only speak of Sydney and Melbourne. They’re both such multicultural cities that it’s nearly harder to find an Australian than a foreigner! As much as we like to think we’re important we’re only a drop in the ocean when it comes to immigrants in Oz so we don’t get much of a thought. Overall the majority of aussies I’ve encountered have a positive opinion of the Irish.

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    Mute Emmet
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    Feb 5th 2014, 11:39 AM

    Have been in Western Australia for 5 years now, most Aussie employers I have met like the Irish as we have a good reputation as hard workers and pride in our work. Some Irish give rest a bad name, but if u work hard u make a good name for yourself. I got a job my first week and on working travel visa could only work 6 months with one company, but boss kept paying me through a different company name every 6 months for 2 years then nominated me for residency. If you missed days, were lazy etc you had to leave when first 6 months were up, if you were very bad u got boot after 2 week trial, so you have to make your own luck. Most Australians want to work 9-5 indoors, clean job in city. If you are willing to work outdoors, dirty job, or out country, there are good opportunities there. they value different skills in Australia, love guys who are willing to go out farming, seeding wheat, combine harvesting etc – how many people have C.V.s with their degrees/trade certs but leave out the farming bit?

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    Mute Angela Byrne
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    Feb 5th 2014, 8:27 AM

    Its a pity they have to leave at all, hello to all the Irish in the Cock & Bull bar in Oz!! This ones for you…
    http://www.youtube.com/watch?v=edfNeMIm2Jk

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    Mute Jimbo Murphy
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    Feb 5th 2014, 10:31 AM

    I agree with you there fart. I stayed away from bondi junction, st. kilda and the other irish suburbs. Never visited the cock and bull or any of those other irish dives. I didn’t travel to the other side of the world to stay at home.

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    Mute Angela Byrne
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    Feb 5th 2014, 10:47 AM

    I agree Jimbo

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    Mute Janet De Hora
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    Feb 5th 2014, 12:07 PM

    Totally agree with you; We are here to work, to give our child the best chance possible, and for me, to experience the life my fiancé had here growing up. I’ve never set foot in an Irish bar- and won’t. It’s like people going to Spain on holidays and drinking in Irish bars all the time. No experience of real life in a different place at all!

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    Mute Ahmed Touseef
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    Feb 5th 2014, 10:32 AM

    New Zealand is the Best option to move for a better career .

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    Mute Cornelius Talmadge
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    Feb 5th 2014, 8:13 PM

    It obviously depends what your line of work is, but that is certainly not true for most people. There is a reason why half a million NZ born people have moved to Oz, and it’s not because they love being surrounded by Aussies! I hear NZ is a great place to live if you can get a good job though.

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    Mute Ogochukwu
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    Feb 5th 2014, 8:40 AM

    Boomerang come back ..lol Enny Kenny stay away ..lol mix them together and you’d never get rid of that nasty smell .lol

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    Mute Stasia Morley
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    Mar 19th 2014, 7:38 AM

    People are leaving every day of the week its no wonder the unemployment has gone down so much you only have to go to the airport and you will see what is happening our best educated youth have left shame on this government and shame on the Labour party Ireland will regret this big time.

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