Pearse Doherty (Donegal South West, Sinn Fein)
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86. To ask the Minister for Finance the way the early repayment of IMF loans will affect the relationship between Ireland and the IMF as regards the monitoring of the State by the IMF. [49015/14]

Michael Noonan (Limerick City, Fine Gael)
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The early repayment of up to €18.3 billion of our loans from the International Monetary Fund (IMF) is being structured to ensure that IMF post programme monitoring continues for the initially envisaged period, i.e. up to mid-2021. 

It is normal for a member country to engage in post-program monitoring with the IMF after its programme has ended as long as its outstanding loan exceeds 200 percent of its IMF quota, and when it no longer has program involvement of any kind with the IMF.

Under post-programme monitoring, countries undertake more frequent formal consultations with the IMF than in the case under the IMF's normal surveillance, with a particular focus on macroeconomic and structural policies that have implications for external viability. There are normally two post-programme monitoring reviews per annum.

The IMF post programme monitoring process starts with a mission, and concludes with publication of a Staff Report following discussion by the IMF's Executive Board.

The first post programme monitoring by the IMF started with a mission in April this year, and concluded with publication of the Staff Report, following Executive Board discussions, on 18 June.

The second post programme monitoring started with a mission in November and is expected to conclude with publication of the Staff Report, following Executive Board discussion, in January 2015.