Chapter

IRELAND

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2004
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(Position as of December 31, 2003)
Status Under IMF Articles of Agreement
Article VIIIDate of acceptance: February 15, 1961.
Exchange Arrangement
CurrencyThe currency of Ireland is the euro.
Exchange rate structureUnitary.
Classification
Exchange arrangement with no separate legal tenderIreland participates in a currency union (EMU) with 11 other members of the EU: Austria, Belgium, Finland, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The ECB may intervene to smooth out fluctuations in the euro exchange rate.
Exchange taxNo.
Exchange subsidyNo.
Forward exchange marketBanks are free to provide forward exchange facilities.
Arrangements for Payments and Receipts
Prescription of currency requirementsNo.
Payments arrangementsNo.
Administration of controlNo.
International security restrictionsIn accordance with EU regulations and the relevant UN Security Council resolutions, certain restrictions are maintained on the making of payments and transfers for current international transactions with respect to the former government of Iraq, Myanmar, certain individuals associated with the previous government of the former Republic of Yugoslavia, and Zimbabwe. In accordance with EU Regulation No. 147/2003, effective January 27,2003, financing of and financial assistance related to military activities in Somalia are prohibited. Restrictions also apply on transfers and transactions with respect to the Taliban and individuals and organizations associated with terrorism.
In accordance with IMF Executive Board Decision No. 144-(52/51)Yes.
In accordance with UN sanctionsYes.
Payments arrearsNo.
Controls on trade in gold (coins and/or bullion)No.
Controls on exports and imports of banknotesNo.
Resident Accounts
Foreign exchange accounts permittedYes.
Held domesticallyYes.
Held abroadYes.
Accounts in domestic currency held abroadYes.
Accounts in domestic currency convertible into foreign currencyYes.
Nonresident Accounts
Foreign exchange accounts permittedYes.
Domestic currency accountsYes.
Convertible into foreign currencyYes.
Blocked accountsAccounts may be frozen in accordance with the relevant EU regulations.
Imports and Import Payments
Foreign exchange budgetNo.
Financing requirements for importsNo.
Documentation requirements for release of foreign exchange for importsNo.
Import licenses and other nontariff measures
Negative listFor reasons of national policy, imports of certain goods (e.g., specified drugs, explosives, and firearms and ammunition) are prohibited without special licenses.
Licenses with quotasImports of certain goods (including textiles, steel, footwear, and ceramic products) originating in certain non-EU countries are subject to either quantitative restrictions or surveillance measures. Imports from non-EU countries of products covered by the CAP are subject to a system of access quotas.
Import taxes and/or tariffsThe EU system of customs duties applies to imports.
State import monopolyNo.
Exports and Export Proceeds
Repatriation requirementsNo.
Financing requirementsNo.
Documentation requirementsNo.
Export licensesExports of controlled military and dual-use goods to both EU and non-EU countries may require export licenses.
Export taxesNo.
Payments for Invisible Transactions and Current Transfers
Controls on these transfersNo.
Proceeds from Invisible Transactions and Current Transfers
Repatriation requirementsNo.
Restrictions on use of fundsNo.
Capital Transactions
Controls on capital transactionsControls on capital transactions apply in accordance with the EU regulations.
Controls on capital and money market instrumentsNo.
Controls on derivatives and other instrumentsNo.
Controls on credit operationsNo.
Controls on direct investment
Inward direct investmentInvestment by foreign-controlled enterprises does not require authorization, except for a very limited number of sectors that are subject to special conditions.
Controls on liquidation of direct investmentNo.
Controls on real estate transactions
Purchase locally by nonresidentsPersons, individuals, and companies whose principal place of residence or registered office is outside the territory of the EU/EEA must apply to the Ministry of Agriculture, Food, and Rural Development through its Land Services Division for permission to purchase land. Such permission is rarely withheld.
Controls on personal capital transactionsNo.
Provisions specific to commercial banks and other credit institutionsNo.
Provisions specific to institutional investorsNo.
Other controls imposed by securities lawsNo.
Changes During 2003
Arrangements for payments and receiptsJanuary 27. Financing of and financial assistance related to military activities in Somalia were prohibited.

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