Pearse Doherty (Donegal, Sinn Fein)
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148. To ask the Minister for Finance the date Ireland applied to join the Asian Infrastructure Investment Bank and the process by which it was decided to apply; and if he will make a statement on the matter. [14763/16]

Pearse Doherty (Donegal, Sinn Fein)
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149. To ask the Minister for Finance to list the external advisers consulted and any remuneration paid to them for advice regarding the State's involvement in the Asian Infrastructure Investment Bank; and if he will make a statement on the matter. [14764/16]

Pearse Doherty (Donegal, Sinn Fein)
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150. To ask the Minister for Finance the share and voting rights Ireland will enjoy in the Asian Infrastructure Investment Bank; and if he will make a statement on the matter. [14765/16]

Pearse Doherty (Donegal, Sinn Fein)
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151. To ask the Minister for Finance the calculations that have been made as to what Ireland's initial and recurring contribution to the Asian Infrastructure Investment Bank will be; and if he will make a statement on the matter. [14766/16]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 148 to 151, inclusive, together.

Following a Government Decision of 15 December, 2015, that gave approval for a formal membership application to be made to the Asian Infrastructure Investment Bank (AIIB), I wrote to the Bank at the end of December, 2015, to notify it of Ireland's application for membership.  This is the process required for the membership of any International Financial Institution such as the AIIB.  It was also the process advised by the AIIB to my officials. 

Ireland's interest in AIIB membership is primarily based on geopolitical, and economic considerations, including trade relations with China and the wider Asian economy. Over the past 15 years, Ireland has increased its engagement with Asia, and particularly China, the world's second largest economy, in a broad number of areas.  Bilateral trade has grown in significance and, in 2014, Ireland's total trade with China was worth over €8 billion. Ireland's priorities relate to bilateral trade and investment, particularly: higher education; agrifood; tourism; and aviation-financing sectors.

While there was extensive cross-departmental discussion between the Departments of Finance and Foreign Affairs and Trade regarding Ireland's interest in the AIIB, no external advisers were involved, consulted or paid.

As the process of Ireland's application for membership is still ongoing, Ireland's potential share and voting rights in the AIIB remain subject to future negotiations with the Bank following consideration between the existing founding members of the AIIB and the AIIB itself.  This is also the case for other applicant countries.  The potential share and voting rights which emerge out of the engagement with the AIIB will be subject to subsequent consideration by the Government.

Nevertheless, based on an assumption about the level and cost of a shareholding that might apply in Ireland's case, a provisional, initial calculation has been undertaken which estimates that Ireland's membership of the AIIB could result in a charge of some €50m on the Exchequer based on projected annual payments of €10m per annum for five years.  This estimate is based on an assumption that the shareholding costs would be calculated on the same basis as our IMF shareholding and it would be comparable to countries with a similar-sized economy.