Michael McGrath (Cork South Central, Fianna Fail)
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151. To ask the Minister for Finance the funding commitment to the International Monetary Fund; and if he will make a statement on the matter. [29748/15]

Michael Noonan (Limerick City, Fine Gael)
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The International Monetary Fund (IMF) is a Quota-based institution. Each member is assigned a Quota, broadly based on its size relative to the world economy. A member's Quota determines its maximum financial commitment to the IMF, as well as its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights (SDRs), the IMF's unit of account. This is based on a weighted mix of the following major world currencies: US Dollars, Euro, Japanese Yen and the UK Pound Sterling. Ireland's IMF quota is currently SDR 1,257.6 million, or 0.528% of the total Quota share of the IMF. This has been the case since 4 March, 2011, when the 2008 Quota Review came into force. At 31 December, 2014, the amount of SDR 1,257.6 million was made up of SDR 998,897,520 held in Ireland's IMF General Resources Account and a further SDR 258,702,480 which is held in Ireland's Reserve Tranche Position at the IMF. In addition to Quota, Ireland has committed other funding via a separate process to the IMF known as SDR holdings. SDR holdings were put in place by agreement of the members of the IMF predominantly in order to ensure that the IMF had sufficient resources to tackle the recent Global Financial Crisis. Ireland has committed SDR 775.4 million in SDR holdings to the IMF as at 31 December, 2014.

In summary, Ireland's funds committed as at 31 December, 2014 to the IMF is represented by SDR 1,257.6 million in Quota and SDR 775.4 million in SDR holdings for a total of SDR 2,033 million. At the most recent exchange rates available (14 July, 2015) that equates to approximately €2,578 million.