Michael McGrath (Cork South Central, Fianna Fail)
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Question 209: To ask the Minister for Finance the current funding commitment to the International Monetary Fund; and if he will make a statement on the matter. [21874/12]

Michael Noonan (Limerick City, Fine Gael)
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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, its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights (SDRs^), 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, 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). Ireland's quota is due to increase to SDR 3,449.9 million, or 0.724% of the total quota share of the IMF, when the 2010 Quota changes are implemented. The 2010 reforms need to be approved by the IMF Board of Governors which requires acceptance by 113 member countries representing 85 percent of the total voting power.

^ At 27 April 2012 1 euro = SDR 0.85381