Abstract
March 9, 2015
March 9, 2015
Prepared By
European Department
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of January 31, 2015)
Membership Status: Joined August 8, 1957; Article VIII
General Resources Account:
| SDR Million | Percent of Quota | ||
|---|---|---|---|
| Quota | 1,257.60 | 100.00 | |
| Fund holdings of currency | 12,820.91 | 1,019.47 | |
| Reserve position in Fund | 258.70 | 20.57 | |
| SDR Million | Percent of Quota | ||
|---|---|---|---|
| Quota | 1,257.60 | 100.00 | |
| Fund holdings of currency | 12,820.91 | 1,019.47 | |
| Reserve position in Fund | 258.70 | 20.57 | |
SDR Department:
| SDR Million | Percent of Allocation | ||
|---|---|---|---|
| Net cumulative allocation | 775.42 | 100.00 | |
| Holdings | 651.18 | 83.98 | |
| SDR Million | Percent of Allocation | ||
|---|---|---|---|
| Net cumulative allocation | 775.42 | 100.00 | |
| Holdings | 651.18 | 83.98 | |
Outstanding Purchases and Loans:
| SDR Million | Percent of Quota | ||
|---|---|---|---|
| Extended Arrangement | 11,821.85 | 940.03 | |
| SDR Million | Percent of Quota | ||
|---|---|---|---|
| Extended Arrangement | 11,821.85 | 940.03 | |
Financial Arrangements:
| Type | Approval Date |
Expiration Date |
Amount Approved (SDR million) |
Amount Drawn (SDR million) |
|---|---|---|---|---|
| EFF | 12/16/10 | 12/18/13 | 19,465.80 | 19,465.80 |
| Type | Approval Date |
Expiration Date |
Amount Approved (SDR million) |
Amount Drawn (SDR million) |
|---|---|---|---|---|
| EFF | 12/16/10 | 12/18/13 | 19,465.80 | 19,465.80 |
Projected Payments to the Fund (SDR million; based on existing use of resources and present holdings of SDRs):
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Principal | 1,204.45 | 3,244.30 | |||
| Charges/Interest | 400.34 | 365.84 | 365.50 | 362.67 | 274.14 |
| Total | 400.34 | 365.84 | 365.50 | 1567.12 | 3,518.44 |
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Principal | 1,204.45 | 3,244.30 | |||
| Charges/Interest | 400.34 | 365.84 | 365.50 | 362.67 | 274.14 |
| Total | 400.34 | 365.84 | 365.50 | 1567.12 | 3,518.44 |
Exchange Rate Arrangement and Exchange Restrictions:
Ireland’s currency is the euro, which floats freely and independently against other currencies. Ireland has accepted the obligations of Article VIII, Sections 2, 3, and 4, and maintains an exchange system free of restrictions on payments and transfers for current international transactions, other than restrictions notified to the Fund under Decision No. 144 (52/51).
Article IV Consultations:
The last Article IV consultation was concluded on September 5, 2012 (IMF Country Report No. (12/264). Article IV consultations with Ireland were on the 24-month cycle during the Extended Arrangement.
Resident Representative:
The resident representative office in Ireland closed in June 2014.
Statistical Issues
| General: Data provision is broadly adequate for surveillance. | |
| National accounts and real sector data. Quarterly national accounts are currently published within three months of its reference period. Other real sector data are relatively timely, with industrial production and retail sales data published within six weeks and employment data within 3 months of the reference period, but some non-SDDS series are published one and a half years later (e.g., household disposable income). Employment and unit labor costs, and national income and expenditure data are usually available with a three-month lag. | |
| Wages and earnings statistics. The quarterly Earnings, Hours and Employment Costs Survey has replaced the four-yearly Labor Cost Survey, and also replaces all other existing short-term earnings surveys. The results are comparable across sectors and include more detail on components of earnings and labor costs than was available before. However, data are only available with more than six months lag. | |
| Government finance statistics. The authorities publish Exchequer returns on a monthly and quarterly basis, but only annual data are available for general government finances. The authorities are working to strengthen the analytical content of exchequer reporting and enhancing reporting and forecasting for the general government. However, annual and quarterly general government statistics on an accrual basis are available as derived from the national accounts statistics. Ireland reports these data to STA through a conversion of the datasets reported to Eurostat under the “ESA Transmission Programme”. | |
| Monetary and financial statistics: The ECB reporting framework is used for monetary statistics and data are reported to the IMF through a “gateway” arrangement with the ECB. The arrangement provides an efficient transmission of monetary statistics to the IMF and for publication in the IMF’s International Financial Statistics (IFS). | |
| Financial sector surveillance: Ireland reports FSIs for deposit takers, other financial corporations, and real estate markets on a regular basis for posting on the IMF’s FSI website. | |
| External sector statistics. Quarterly balance of payments (BOP) and international investment position (IIP) data are compiled by the Central Statistics Office. The authorities implemented the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) beginning with the data for Q1 2014, although those data have not been reported to STA as of February 2015. The most recent BOP and IIP data reported to STA and disseminated in the IFS are for Q4/2013. Ireland reports data for the Coordinated Portfolio Investment Survey (CPIS), the Coordinated Direct Investment Survey (CDIS), and the Data Template on International Reserves and Foreign Currency Liquidity. | |
| Ireland is subject to the statistical requirements and timeliness and reporting standards of Eurostat and the European Central Bank (ECB). Ireland subscribes to the Fund’s Special Data Dissemination Standard and uses SDDS flexibility options on the timeliness of wages and earnings, and central government debt data. | No data ROSC is available. |
| General: Data provision is broadly adequate for surveillance. | |
| National accounts and real sector data. Quarterly national accounts are currently published within three months of its reference period. Other real sector data are relatively timely, with industrial production and retail sales data published within six weeks and employment data within 3 months of the reference period, but some non-SDDS series are published one and a half years later (e.g., household disposable income). Employment and unit labor costs, and national income and expenditure data are usually available with a three-month lag. | |
| Wages and earnings statistics. The quarterly Earnings, Hours and Employment Costs Survey has replaced the four-yearly Labor Cost Survey, and also replaces all other existing short-term earnings surveys. The results are comparable across sectors and include more detail on components of earnings and labor costs than was available before. However, data are only available with more than six months lag. | |
| Government finance statistics. The authorities publish Exchequer returns on a monthly and quarterly basis, but only annual data are available for general government finances. The authorities are working to strengthen the analytical content of exchequer reporting and enhancing reporting and forecasting for the general government. However, annual and quarterly general government statistics on an accrual basis are available as derived from the national accounts statistics. Ireland reports these data to STA through a conversion of the datasets reported to Eurostat under the “ESA Transmission Programme”. | |
| Monetary and financial statistics: The ECB reporting framework is used for monetary statistics and data are reported to the IMF through a “gateway” arrangement with the ECB. The arrangement provides an efficient transmission of monetary statistics to the IMF and for publication in the IMF’s International Financial Statistics (IFS). | |
| Financial sector surveillance: Ireland reports FSIs for deposit takers, other financial corporations, and real estate markets on a regular basis for posting on the IMF’s FSI website. | |
| External sector statistics. Quarterly balance of payments (BOP) and international investment position (IIP) data are compiled by the Central Statistics Office. The authorities implemented the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) beginning with the data for Q1 2014, although those data have not been reported to STA as of February 2015. The most recent BOP and IIP data reported to STA and disseminated in the IFS are for Q4/2013. Ireland reports data for the Coordinated Portfolio Investment Survey (CPIS), the Coordinated Direct Investment Survey (CDIS), and the Data Template on International Reserves and Foreign Currency Liquidity. | |
| Ireland is subject to the statistical requirements and timeliness and reporting standards of Eurostat and the European Central Bank (ECB). Ireland subscribes to the Fund’s Special Data Dissemination Standard and uses SDDS flexibility options on the timeliness of wages and earnings, and central government debt data. | No data ROSC is available. |
Ireland: Table of Common Indicators Required for Surveillance
(as of March 9, 2015)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Ireland: Table of Common Indicators Required for Surveillance
(as of March 9, 2015)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 3/9/2015 | 3/9/2015 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Jan. 2015 | 3/3/2015 | M | M | M |
| Reserve/Base Money | Jan. 2015 | 2/27/2015 | M | M | M |
| Broad Money | Jan. 2015 | 2/27/2015 | M | M | M |
| Central Bank Balance Sheet | Jan. 2015 | 2/13/2015 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Jan. 2015 | 2/27/2015 | M | M | M |
| Interest Rates2 | Jan. 2015 | 3/4/2015 | D | D | D |
| Consumer Price Index | Jan. 2015 | 2/19/2015 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 2014:Q3 | 2/3/2015 | Q | A | A |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Feb. 2015 | 3/3/2015 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2014:Q4 | 3/3/2015 | Q | Q | Q |
| External Current Account Balance | 2014:Q3 | 12/11/2014 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2014:Q4 | 2/13/2015 | Q | Q | Q |
| GDP/GNP | 2014:Q3 | 12/11/2014 | Q | Q | Q |
| Gross External Debt | 2014:Q3 | 12/19/2014 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Ireland: Table of Common Indicators Required for Surveillance
(as of March 9, 2015)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 3/9/2015 | 3/9/2015 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Jan. 2015 | 3/3/2015 | M | M | M |
| Reserve/Base Money | Jan. 2015 | 2/27/2015 | M | M | M |
| Broad Money | Jan. 2015 | 2/27/2015 | M | M | M |
| Central Bank Balance Sheet | Jan. 2015 | 2/13/2015 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Jan. 2015 | 2/27/2015 | M | M | M |
| Interest Rates2 | Jan. 2015 | 3/4/2015 | D | D | D |
| Consumer Price Index | Jan. 2015 | 2/19/2015 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 2014:Q3 | 2/3/2015 | Q | A | A |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Feb. 2015 | 3/3/2015 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2014:Q4 | 3/3/2015 | Q | Q | Q |
| External Current Account Balance | 2014:Q3 | 12/11/2014 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2014:Q4 | 2/13/2015 | Q | Q | Q |
| GDP/GNP | 2014:Q3 | 12/11/2014 | Q | Q | Q |
| Gross External Debt | 2014:Q3 | 12/19/2014 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).