EC on the existence of an excessive deficit in Ireland - Main contents

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dossier	COM(2016)297 - Abrogation of Decision 2009/416/EC on the existence of an excessive deficit in Ireland.
document	COM(2016)297
date	June 17, 2016

annexed to the Treaty establishing the European Community (OJ L 145, 10.6.2009, p. 1).

(8) In line with the ‘Specifications on the implementation of the Stability and Growth Pact and Guidelines on the format and content of Stability and Convergence Programmes’ of 3 September 2012. See: http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/coc/code_of_conduct_en.pdf

(9) In 2015, under the planned restructuring of the Allied Irish Bank (AIB)'s capital base, part of the government's preference shares were converted into ordinary shares. This conversion was done in preparation for the envisaged sale of those shares, as part of the plans of the Irish government to return the bank to private ownership. Under applicable accounting rules, this conversion increased Ireland's general government expenditure (and, consequently, its general government deficit) in 2015.

(10) As government formation talks following the February general election were ongoing at end-April, the 2016 stability programme submitted by Ireland was prepared on a no-policy-change basis.