Dáil Éireann Debate, Tuesday - 23 October 2012
174. Deputy Pearse Doherty asked the Minister for Finance if he will confirm the remaining programme funding to be provided to the State by the International Monetary Fund pursuant to its €22.5 billion funding commitment; if he will provide an estimate of the annual interest rate that will apply to the remaining programme funding yet to be provided by the IMF. [46130/12]
View answerTo date the International Monetary Fund has disbursed XDR* 15.79 billion, which is equivalent to €18.12 billion received by the Exchequer. The overall commitment is for €22.5 billion and this will continue to be disbursed on a quarterly basis until the programme ends at the end of 2013. Current market rates (which do not represent a forecast but rather market expectations) and assumed surcharges adjusted for the expected quota change, suggest that the total cost of funds on remaining IMF disbursements will be in the region of 4% over the standard 7.5 year weighted average life.
* Special Drawing Rights
