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•
Sept ’10
– Budget deficit rises
to 30% of GDP due to
economic downturn and cost
of bank rescue
•
Nov ’10
– Govt agrees to
€85bn rescue package from
EU/IMF and introduces severe
austerity programme of 4
years tax increases and
spending cuts equal to a fiscal
adjustment of €5.4bn
•
Feb ’11
– General election
brings new government to
office
•
July ’11
– Moodys downgrades
Sovereign to junk status
•
Dec ’11
- Budget fiscal
adjustment of €3.5bn and
targets reduction of deficit to
less than 3% by 2015
•
2012
– Austerity continues
•
Oct ’13
- Budget fiscal
adjustment of €3.5bn
•
Dec ’13
– Ireland exits EU/IMF
bailout
•
March ’10
– Govt takes control
of Irish Nationwide and pumps
further €8.7bn in Anglo
•
May ’10
– Govt takes 18%
stake in AIB
•
June ’10
– Govt raises its stake
in BOI to 36% at a cost of €3bn
•
Sept ’10
– Central Bank
estimates final cost of Anglo
will be €34bn
•
Nov ’10
– ECB refuses to let
Ireland “burn the
bondholders”
•
Dec ’10
– Govt nationalises AIB
and forces it to sell its Polish
subsidiary to Santander
•
Feb ’11
-
Stress tests show Irish
banks need further capital of
€24bn
IGTA eJournal | Summer 2015 | 36