Tom McDonnell: It was pointed out on this blog a few weeks ago that Ireland would be able to obtain access to new funding from the EFSF provided the Government applied for that funding before 1 July 2013. Ireland would also need to negotiate a new Memorandum of Understanding.
It is the position here that Ireland will need to access further official lending beyond the current 'bailout' programme and that the Government should make an application in the first half of 2013.
The Minister for Finance appeared to acknowledge last Tuesday in the Dáil that Ireland would indeed have access to further EFSF funding in the event the Government applied before 1 July 2013. The discontinuation of the original Greek programme, and its replacement with a new programme, suggests that countries in existing programmes do not have to wait until their current programme finishes before beginning a second programme.
Tom McDonnell is senior economist at the NERI and is responsible for among other things, NERI's analysis of the Republic of Ireland economy including risks, trends and forecasts. He specialises in economic growth theory, the economics of innovation, the Irish and European economies, and fiscal policy. He previously worked as an economist at TASC and before that was a lecturer in economics at NUI Galway and at DCU. He has also taught at Maynooth University.
Tom obtained his PhD in economics from NUI Galway.