Michael McGrath (Cork South Central, Fianna Fail)
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Question 128: To ask the Minister for Finance following the recent successful mission review by the troika, when the next draw down of funds under the EU-IMF programme is due to take place; if he will confirm the source from which the draw down will come; the amount involved; and if he will make a statement on the matter. [22381/11]

Michael Noonan (Limerick City, Fine Gael)
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Ireland is due to draw down approximately €4.5 billion from EU/IMF sources during quarter 3 of 2011. Following the third review mission completed on 14th July 2011, the IMF and the European Commission Services will prepare staff reports for consideration by the IMF Executive Board on 29 August 2011, and Eurogroup/ECOFIN in September 2011. The disbursement of funds is conditional on approval by the EU and IMF following these reports.

The next planned disbursement from the IMF will be SDR 1.319 billion, equivalent to approximately €1.5 billion, and is scheduled to take place, subject to approval, after their Executive Board meeting on 29th August.

The next planned disbursement from EU sources is expected to be €2.5 billion. This disbursement is subject to the approval by Eurogroup/ECOFIN of the third quarterly review, expected to take place early September. It is anticipated that the disbursement will be between mid-September, and mid/end-October at the latest. The exact date depends primarily on market conditions.

Finally, the first disbursement of approximately €475 million under the bilateral loan agreement with the UK is also scheduled to take place following the third review, i.e. in the third quarter, but the details have yet to be finalised.