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The Minister of finance German Wolfgang Sch?uble, law and Economics Christine Lagarde cat at the beginning of the meeting of Finance Ministers to decide on a loan of rescue for the Ireland European Minister.?Photo: EPA

Ministers agreed unanimously today to grant financial assistance in response to the request of the Irish authorities on 22 November 2010.Les Ministers agree with the Commission and the ECB provide a loan in Ireland is justified to preserve financial stability in the euro area and EU as a whole.

The euro area and EU financial support will be possible on the basis of a programme which was negotiated with the Irish authorities by the Commission and the IMF, in conjunction with the BCE.Les Ministers welcome the agreement level personnel on a year three joint EU financial assistance program and the IMF for the Ireland.The Irish Government approved the programme on 28 November.

Ministers approve unanimously the measures announced u.s. today ' building on the solid foundations of the Irish economy, the program is based on three pillars:

-Immediate reinforcement and complete overhaul of the banking system

-An ambitious to restore financial viability, including through fiscal adjustment

correction of the excessive deficit by 2015

-Growth enhancing reforms, in particular on the labour market to allow a return to sound and sustainable growth, preserve the position of its citizens.

Financial envelope of the programme will cover the needs of financing up to €85bn, including € immediate recapitalisation measures € will serve on a basis of emergency for banking system supports and 50 billion and € covering budget financing doit.La half of Bank support measures (€17. 5bn) will be funded by an Irish contribution by the buffer of the Treasury cash and investments of the national reserve of the pensions.Le rest of the overall package must also be shared between:

(i) the European financial stabilization instance (ESSM)

(ii) European installation of financial stability (EEHC) with bilateral loans United Kingdom Denmark Sweden and (iii) the IMF (€22. 5bn).

The main elements of political conditionality, like today, will be embedded in the Eurogroup and decisions to be adopted formally in 6 and 7 December .the ' Eurogroup will quickly examine the need to harmonize Greece resembles the Ireland funding deadlines.

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