Abstract
IRELAND
Title page
IRELAND
STAFF REPORT FOR THE 2023 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
November 22, 2023
Prepared By
European Department
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of October 31, 2023)
Membership Status: Joined August 8, 1957; Article VIII
| General Resources Account: | SDR Million | Percent of Quota |
| Quota | 3,449.90 | 100.00 |
| Fund holdings of currency | 2,492.28 | 72.24 |
| Reserve position in Fund | 957.66 | 27.76 |
| General Resources Account: | SDR Million | Percent of Quota |
| Quota | 3,449.90 | 100.00 |
| Fund holdings of currency | 2,492.28 | 72.24 |
| Reserve position in Fund | 957.66 | 27.76 |
| SDR Department: | SDR Million | Percent of Allocation |
| Net cumulative allocation | 4,082.00 | 100.00 |
| Holdings | 4,186.31 | 102.56 |
| SDR Department: | SDR Million | Percent of Allocation |
| Net cumulative allocation | 4,082.00 | 100.00 |
| Holdings | 4,186.31 | 102.56 |
Outstanding Purchases and Loans: None
Financial Arrangements:
| Type | Approval Date | Expiration Date | Amount Approved (SDR million) | Amount Drawn (SDR million) |
| EFF | 12/16/10 | 12/15/13 | 19,465.80 | 19,465.80 |
| Type | Approval Date | Expiration Date | Amount Approved (SDR million) | Amount Drawn (SDR million) |
| EFF | 12/16/10 | 12/15/13 | 19,465.80 | 19,465.80 |
Overdue Obligations and Projected Payments to Fund
(SDR million; based on existing use of resources and present holdings of SDRs):
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
| Principal | |||||||
| Charges/Interest | -0.05 | -3.39 | -4.38 | -4.38 | -4.38 | -4.38 | -4.38 |
| Total | -0.05 | -3.39 | -4.38 | -4.38 | -4.38 | -4.38 | -4.38 |
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
| Principal | |||||||
| Charges/Interest | -0.05 | -3.39 | -4.38 | -4.38 | -4.38 | -4.38 | -4.38 |
| Total | -0.05 | -3.39 | -4.38 | -4.38 | -4.38 | -4.38 | -4.38 |
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. The authorities formally notified the Fund of updated EU sanctions under Decision No. 144 (52/51) in November 2023.
Article IV Consultation:
The last Article IV consultation was concluded on July 1, 2022. The associated Executive Board assessment is available at https://www.imf.org/en/News/Articles/2022/07/07/pr22249-imf-executive-board-concludes-2022-article-iv-consultation-with-ireland and the staff report (Country Report No. 2022/213) at https://www.imf.org/en/Publications/CR/Issues/2022/07/07/Ireland-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Informational-Annex-520463 Ireland is on the standard 12-month consultation cycle.
Financial Sector Assessment Program (FSAP) Participation and ROSC:
The Financial System Stability Assessment (FSSA) for the last mandatory financial stability assessment was discussed by the Board on July 1, 2022. The FSSA and accompanying Reports on the Observation of Standards and Codes (ROSCs) are available at https://www.imf.org/en/Publications/CR/Issues/2022/07/07/Ireland-Financial-System-Stability-Assessment-520469.
Statistical Issues
| I. Assessment of Data Adequacy for Surveillance | |
| 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. GNI* comes only at annual frequency and in nominal and real scale with a long lag of around 7 months from reference year. 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. Employment and unit labor costs, and national income and expenditure data are usually available with 3 months lag. | |
| Wages and earnings statistics: The quarterly Earnings, Hours and Employment Costs Survey has replaced the 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, final data are only available with a six-month lag. | |
| Government finance statistics: The authorities publish Exchequer returns and indicative estimates of the general government balance on a monthly basis. The definitive general government balance is reported quarterly and annually. Ireland reports these data to STA through a conversion of the datasets reported to Eurostat under the “ESA Transmission Programme”. Annual and quarterly fiscal data in the GFSM 2014 framework are reported through the Eurostat convergence project with the IMF. | |
| 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 for central bank and other depository corporations to the IMF and for publication in the IMF’s International Financial Statistics (IFS). Data are published in IFS with a lag of about a month. Ireland reports some data and indicators of the Financial Access Survey (FAS), including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance: Ireland reports 11 of the 12 core and 9 encouraged FSIs for deposit takers, one FSI for other financial corporations, and 3 FSIs for real estate markets with quarterly frequency on a regular basis for posting on the IMF’s FSI website. | |
| External sector statistics: Quarterly balance of payments 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). The most recent balance of payments and IIP data reported to STA and disseminated in the IFS are for Q4/2022. 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. | |
| II. Data Standards and Quality | |
| 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. |
| I. Assessment of Data Adequacy for Surveillance | |
| 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. GNI* comes only at annual frequency and in nominal and real scale with a long lag of around 7 months from reference year. 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. Employment and unit labor costs, and national income and expenditure data are usually available with 3 months lag. | |
| Wages and earnings statistics: The quarterly Earnings, Hours and Employment Costs Survey has replaced the 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, final data are only available with a six-month lag. | |
| Government finance statistics: The authorities publish Exchequer returns and indicative estimates of the general government balance on a monthly basis. The definitive general government balance is reported quarterly and annually. Ireland reports these data to STA through a conversion of the datasets reported to Eurostat under the “ESA Transmission Programme”. Annual and quarterly fiscal data in the GFSM 2014 framework are reported through the Eurostat convergence project with the IMF. | |
| 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 for central bank and other depository corporations to the IMF and for publication in the IMF’s International Financial Statistics (IFS). Data are published in IFS with a lag of about a month. Ireland reports some data and indicators of the Financial Access Survey (FAS), including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance: Ireland reports 11 of the 12 core and 9 encouraged FSIs for deposit takers, one FSI for other financial corporations, and 3 FSIs for real estate markets with quarterly frequency on a regular basis for posting on the IMF’s FSI website. | |
| External sector statistics: Quarterly balance of payments 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). The most recent balance of payments and IIP data reported to STA and disseminated in the IFS are for Q4/2022. 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. | |
| II. Data Standards and Quality | |
| 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 November 9, 2023)
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.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Ireland: Table of Common Indicators Required for Surveillance
(as of November 9, 2023)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | November 9, 2023 | 11/9/2023 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | September 2023 | 10/10/2023 | M | M | M |
| Reserve/Base Money | September 2023 | 10/31/2023 | M | M | M |
| Broad Money | September 2023 | 10/31/2023 | M | M | M |
| Central Bank Balance Sheet | September 2023 | 11/3/2023 | M | M | M |
| Consolidated Balance Sheet of the Banking System | September 2023 | 10/31/2023 | M | M | M |
| Interest Rates2 | September 2023 | 11/9/2023 | M | M | M |
| Consumer Price Index | October 2023 | 11/9/2023 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 2023:Q2 | 10/20/2023 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | October 2023 | 11/3/2023 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2023:Q2 | 10/20/2023 | Q | Q | Q |
| External Current Account Balance | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| GDP/GNP (National Account and Gross Value Added) | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| Gross External Debt | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| International Investment Position6 | 2023:Q2 | 9/1/2023 | 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.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Ireland: Table of Common Indicators Required for Surveillance
(as of November 9, 2023)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | November 9, 2023 | 11/9/2023 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | September 2023 | 10/10/2023 | M | M | M |
| Reserve/Base Money | September 2023 | 10/31/2023 | M | M | M |
| Broad Money | September 2023 | 10/31/2023 | M | M | M |
| Central Bank Balance Sheet | September 2023 | 11/3/2023 | M | M | M |
| Consolidated Balance Sheet of the Banking System | September 2023 | 10/31/2023 | M | M | M |
| Interest Rates2 | September 2023 | 11/9/2023 | M | M | M |
| Consumer Price Index | October 2023 | 11/9/2023 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 2023:Q2 | 10/20/2023 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | October 2023 | 11/3/2023 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2023:Q2 | 10/20/2023 | Q | Q | Q |
| External Current Account Balance | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| GDP/GNP (National Account and Gross Value Added) | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| Gross External Debt | 2023:Q2 | 9/1/2023 | Q | Q | Q |
| International Investment Position6 | 2023:Q2 | 9/1/2023 | 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.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).