Ruairi Quinn (Dublin South East, Labour)
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Question 528: To ask the Minister for Finance the stage at which Ireland's application to join the Asian Development Bank is; the steps that need to be taken in order to complete the application; the timeframe involved in each of these steps; the expected timeframe for the entire process until official membership; if, in view of the fact that Irish companies cannot currently tender for Asian Development Bank contracts due to Ireland not being a member, he intends to accelerate the process; and if he will make a statement on the matter. [1412/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am glad to inform the Deputy that the process for Ireland joining the Asian Development Bank, ADB, is already at an advanced stage. Our primary objective in joining the ADB is to assist in economic development of Asia. The Deputy will be aware that the Development Banks Act 2005, which was only enacted on 21 December 2005, provides for Ireland's membership of the Asian Development Bank. Until then there was no authority to make any application. The next formal step was for a formal letter of application to be addressed to the bank's president. This was done on 19 January 2006 following informal contact with the bank in the period since the legislation was enacted.

Although officials in my Department have already negotiated the broad terms for membership, the articles of agreement require that Ireland's application must be considered by the banks board to see if Ireland fully meets the required criteria for membership. It is then notified to all existing members and must be approved by vote of those members. This may take some time as existing members are allowed time to consider the application for membership. Ireland's application for membership is now with the bank and there are no steps open to me. However, I hope the process will be completed before the bank's AGM in May this year.