Michael McGrath
Question:140. Deputy Michael McGrath asked the Minister for Finance the current funding commitment to the International Monetary Fund; and if he will make a statement on the matter. [32491/14]
View answerThursday, 17 July 2014
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The IMF is a quota-based institution. Each member is assigned a quota, broadly based on its size relative to the world economy. A member's quota determines its maximum financial commitment to the IMF, as well as its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights, the IMF's unit of account.
Ireland's IMF quota is currently SDR 1,257.6 million, or 0.528% of the total quota share of the IMF. This has been the case since 4 March, 2011, when the 2008 Quota Review came into force. Details of transactions on the Central Bank's IMF accounts are set out in the Annual Report on Ireland's Participation in the IMF and the World Bank (available at www.finance.gov.ie/publications).
Ireland's quota is due to increase to SDR 3,449.9 million, or 0.724% of the total quota share of the IMF, once the latest proposed Quota changes, agreed in 2010, are implemented. The 2010 Quota increases are part of an overall package of reforms of quotas and of the Executive Board of the IMF. However, while the increases to the quotas themselves have since been approved, the proposed changes to the Executive Board have not yet received the required level of consent of members. As a result, the overall package of reforms including the quota increase has not yet been implemented.