Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

This section makes provision for payments to be made to the bank in accordance with the State's obligation under the agreement. It is a routine section in such agreements providing for payments and receipts to be made to and from the Central Fund and establishing that the Central Bank shall act as a depository for transfers to and from the Asian Infrastructure Investment Bank. Contributions to international financial institutions are conventionally sourced from the Central Fund and not from the Vote of a Government Department. In addition, any moneys received by Ireland from the Asian Infrastructure Investment Bank in respect of our membership will be directed to the Central Fund. Arrangements will be put in place for an account to be set up at the Central Bank of Ireland. Payment in respect of Irish membership will be paid from the Exchequer to this account, which will then be transferred to an account held by the AIIB. Payments in respect of our membership will be arranged and conducted on behalf of the Minister for Finance in his or her capacity as governor for Ireland at the Asian Infrastructure Investment Bank.