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Dáil Éireann debate -
Wednesday, 19 Jun 1968

Vol. 235 No. 9

Ceisteanna—Questions. Oral Answers. - International Monetary Fund.

21.

asked the Minister for Finance the total Irish investment in the International Monetary Fund and the total Irish borrowings, if any, from the Fund in the last five years.

Ireland's subscription to the IMF is 80 million dollars of which a total of 45 million dollars approximately has now been paid in gold and foreign currencies. This part of the subscription may be described as our investment in the Fund as it is the amount that can be drawn virtually on demand and without interest charge. The balance of the subscription has been paid in Irish currency and is held by the Central Bank as agent for the Fund.

In January, 1966, Ireland purchased from the Fund for Irish currency, foreign currencies to the value of 22.5 million dollars. The Irish currency in question has since been repurchased. These transactions were in the nature of a borrowing and repayment of 22.5 million dollars.

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