Pearse Doherty (Donegal South West, Sinn Fein)
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125. To ask the Minister for Finance his plans for Ireland to join the Asian Infrastructure Investment Bank; and if he will make a statement on the matter. [13889/15]

Michael Noonan (Limerick City, Fine Gael)
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I understand that a Memorandum of Understanding to launch the Asian Infrastructure Investment Bank (AIIB) was signed by China and 20 other Asian countries in October 2014.  According to the Chinese authorities, the AIIB will be an inter-governmental regional development institution with headquarters in Beijing and an initial subscribed capital of around USD 50 billion, established to finance infrastructure investments in the region. It is expected that the Prospective Founding Members will complete the signing and ratification of the Articles of Agreement and that the AIIB will be formally established by the end of 2015. 

Although economic growth rates have moderated since the global financial crisis, there are many opportunities and challenges associated with the impressive economic performance of countries in the Asian region.  We are also aware from our engagement with other multilateral development banks of the significant developmental and infrastructural challenges facing developing countries in Asia.

Although no formal approach has been made by the Chinese authorities, the question of participation by Ireland in the AIIB, should the opportunity arise, would be a matter for decision by Government after an overall assessment of the matter and in the light of Ireland's membership of other multilateral development banks.  The issue is under ongoing consideration by my Department in consultation with the Department of Foreign Affairs and Trade taking account of geopolitical, economic, financial and governance issues.  At this stage, no decisions have been taken or proposed in the matter.