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Cover -- CONTENTS -- INTRODUCTION -- BACKGROUND AND CONTEXT FOR THE 2014 SBA -- OVERVIEW OF THE 2014 SBA -- A. Program Strategy -- B. Program Financing -- PROGRAM IMPLEMENTATION AND OUTTURN -- A. Macroeconomic Framework -- B. Exchange Rate and Monetary Policy -- C. Financial Sector Policies -- D. Fiscal Policy -- E. Energy Sector Policies -- F. Governance and Business Climate Reforms -- CONSISTENCY WITH FUND POLICIES -- A. Were the exceptional access (EA) criteria well justified? -- B. Were financing assurances and capacity to repay given due regard? -- PROGRAM DESIGN AND STRATEGY ISSUES

This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF)arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFFarrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland's home-grownprogram and as part of a broader financing package of Ireland and its European partners.The program focused on addressing the Irish banking crisis to break the adverse feedbackloop between banks, the sovereign, and the real sector. It aimed to restore the banking systemto health, including by establishing a smaller banking sector with