Seán Fleming (Laois-Offaly, Fianna Fail)
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To ask the Minister for Finance his views on whether the IMF will favourably consider a request to extend the repayment period for its loans to Ireland; and if he will make a statement on the matter. [14028/13]

Michael Noonan (Limerick City, Fine Gael)
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In 2010 the IMF approved a programme under the Extended Fund Facility (EFF) to Ireland amounting to SDR 19.5 billion, which is equivalent to €22.5 billion, as part of the overall EU/IMF programme of financial support agreed at that time. The appropriate amortization schedule for EFF programmes with any member country of the IMF has been agreed and set by the IMF. This decision provides that repayments be made in 12 equal six-monthly instalments, within an outside range of four to ten years after each such disbursement. Ireland’s amortisation schedule reflects the parameters established by the IMF Executive Board. Given the size and structure of the IMF, with over 180 member countries, it would not be realistic to expect such a decision to be amended for one programme country in isolation. Further, it is not the IMF’s practice to extend repayment schedules.

Our policy priority now is to achieve a successful and durable exit from our programme. Discussions took place with Troika officials on exit options during the ninth review mission, which ran from 29th January to 7th February 2013 and these discussion have continued since then. The available options are being considered in the light of what is appropriate for Ireland, as a country with a well performing programme which is on track for a successful exit. Evidently this will require further consideration and no decisions have been taken to date.