Staff from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Ireland for the tenth review of the Irish Government’s economic programme. Ireland’s programme remains on track, the gradual recovery continues and the sovereign and the banks had seen further improvements in market conditions. Ireland's growth is forecast at about 1 percent in 2013 and just over 2 percent in 2014. Significant progress has been made on financial sector repair and restoring sustainability to the public finances. 

A 10-year benchmark bond was recently auctioned successfully and its yield has since declined to a low of around 3½ percent. Funding conditions for banks have also improved. Strong investor interest reflects growing international confidence in Ireland's steadfast policy implementation and improvements in the sovereign’s debt service outlook stemming from recent European decisions. Sustaining Ireland’s fiscal performance is key to durable market financing. The 2012 fiscal target was comfortably met and the budget remained on track in the first quarter of 2013.