Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Ajai Chopra:

The way the IMF works is that before contacts are made with country authorities on a formal mission or even on an informal staff visit, the IMF staff prepare its terms of reference for that discussion. So the staff makes a proposal in these terms of reference, it prepares a memorandum - a short paper - and that paper needs to be approved by IMF management. So whatever the staff says in a country has usually been cleared by IMF management. So that's the critical part of the process. So it is not just an IMF staff position; it has been endorsed by the IMF senior management.

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