Dominic Hannigan (Meath East, Labour)
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Question 47: To ask the Minister for Finance, further to Parliamentary Question No. 138 of 20 September 2011, if this drawdown requires a resolution passed through both Houses; and if he will make a statement on the matter. [26672/11]

Michael Noonan (Limerick City, Fine Gael)
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As stated in the reply referenced, the first drawdown under the bilateral loan agreement with the UK is expected to take place shortly. This drawdown will be undertaken by the National Treasury Management Agency. The request for drawdown of the loan is made to the UK authorities on behalf of Ireland by the Minister for Finance. Under the UK loan agreement, the parties to the agreement acknowledge that the NTMA is authorised pursuant to the National Treasury Management Agency Act 1990 (as amended) to borrow funds on behalf of the Borrower. The parties further acknowledge and agree that all functions of the Borrower under this Agreement in respect of requesting and drawing down funds or the management of any exposures of the Borrower in respect of the Facility will be performed by the NTMA. This draw down does not therefore require the resolution proposed.