Following the positive outcome of the quarterly review on the implementation of the stabilization programmes in both countries, the Council of the European Union adopted on September 2 two decisions in order to facilitate the release of the next instalments of financial assistance for both Member States. Accordingly, Ireland would receive 7.5 billion Euro and Portugal 11.5 billion Euro.

Further to the visits to Dublin and Lisbon by representatives from the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), the three institutions noted that the Irish and Portuguese financial programmes were on track. According to them, the authorities from both Member states have demonstrated their commitment to address the underlying weaknesses in public finances and the financial sector as well as in their competitiveness.

The third instalment of the financial assistance provided by the EU under the Irish bailout, will amount to 5.5 billion Euro and will be disbursed in two payments of 2.5 Euro by the end of September and 3 billion in October. The IMF and the United Kingdom are expected to disburse additional 1.5 and 5 billion respectively.

In addition, the third instalment of the financial assistance granted to Portugal within the rescue plan approved by the European Union, will amount to 11.5 billion Euro that will be financed by the European Union with 7.6 billion Euro and the IMF with 3.9 billion. These loans are part of the financial assistance package of 78 billion Euro granted to Portugal.