Dáil Éireann Debate, Wednesday - 16 January 2013
151. Deputy Thomas P. Broughan asked the Minister for Finance the amount of financial support allocated by the Troika that has been drawn down to date; if he will estimate the total amount allocated that will be drawn down by the end of 2013; and if he will make a statement on the matter. [1447/13]
View answerIreland’s EU-IMF Programme of Financial Support, which is due to expire at the end of 2013, comes to €85 billion, of which we are providing €17.5 billion from our own resources, with the balance of €67.5 billion, being provided from the EU’s EFSF (€17.7 billion) and EFSM (€22.5 billion) facilities, the IMF (€22.5 billion) and bilateral loans of €4.8 billion (UK - €3.8 billion, Sweden - €0.6 billion and Denmark - €0.4 billion). The table below, which has been provided by the NTMA, shows the loans drawn down by Ireland under the EU/IMF Programme as of 31 December 2012 (there have been no subsequent draw-downs).
Loans drawn down by Ireland under the EU/IMF Programme - as of 31st December 2012
|
Funding Mechanism |
Currency |
Currency Principal (Billion) |
Net Eur drawdown (Billion) |
|
European Financial Stability Facility |
EUR |
12.7 |
12.2 |
|
European Financial Stabilistation Mechanism |
EUR |
21.7 |
21.6 |
|
International Monetary Fund |
SDR* |
16.5 |
19.0 |
|
UK Bilateral Loan |
GBP |
2.0 |
2.5 |
|
Denmark Bilateral Loan |
EUR |
0.2 |
0.2 |
|
Sweden Bilateral Loan |
EUR |
0.3 |
0.3 |
|
- |
- |
- |
Total: 55.7 |
Notes: The net euro drawdown figures are net of deductions including the prepaid margin on the first EFSF disbursement and discounts applied for below par issuance and also reflect the effect of foreign exchange transactions.
*The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies (the euro, Japanese yen, pound sterling and U.S. dollar), and it can be exchanged for freely usable currencies
As the total amount of the loans available to Ireland under the EU/IMF programme, which expires at the end of 2013, is €67.5 billion, at 31 December 2012 we had drawn down slightly less than 83% of the available funds.
The schedule for drawing down programme funding is agreed in advance between the EU, the ECB and the IMF (the Troika) and Ireland during the quarterly review process. The schedule agreed following the 8th review provides for the full draw down of the available funding, and any change to this would be subject to agreement with the Troika and consultation with the bilateral lenders. This drawdown schedule will of course be subject to review as we progress through this year.
