Dáil Éireann Debate, Tuesday - 29 January 2013
245. Deputy Michael McGrath asked the Minister for Finance if he has asked the IMF to consider extending maturities of loans to Ireland in a manner similar to the consideration being given to extending loans from the EFSF and EFSM; and if he will make a statement on the matter. [4107/13]
View answerIn 2010 the IMF approved a programme under the Extended Fund Facility (EFF) to Ireland amounting to SDR 19.5 billion, which equates to €22.5 billion, as part of the overall EU/IMF programme of financial support. The IMF Executive Board has made a decision on the appropriate amortization schedule for EFF programmes with any member country of the IMF. This decision provides that repayments be made in 12 equal six-monthly instalments, within an outside range of four to ten years after each such disbursement. Ireland’s amortisation schedule reflects the parameters established by the IMF Executive Board. It is not the IMF’s practice to extend repayment schedules, and we have not made such a request.
At the end of the eighth EU/IMF review mission, in October, I indicated that we would be discussing the measures necessary for a successful exit with the Troika. Discussions with Troika officials on exit options will be part of the ninth review mission, which started today. All options will be considered in the light of what is appropriate for Ireland, including the terms and conditions attaching to them. Evidently this will require further consideration and no decisions have been taken to date.
