The International Financial Institutions Section is responsible for the development and implementation of policy for Ireland’s relationship with a number of major International Financial Institutions (IFI’s) – the European Investment Bank (EIB), the International Monetary Fund (IMF), the World Bank (WB), the Asian Development Bank (ADB), , the European Bank for Reconstruction and Development (EBRD), and the Council of Europe Development Bank (CEB). This primarily involves ongoing relationship management with the International Financial Institutions covering oversight of policy, governance, policy/strategy and programme performance. The area is responsible for the representation of Ireland’s viewpoint in engagement with the International Financial Institutions, Member States and other stakeholders on policy developments and corporate governance issues. This role aims to ensure recognition of Irish interests and achieve optimal outcomes for Ireland; gain support and acceptance of Ireland’s position on IFI-related and other policy issues; secure funding on attractive terms; promote opportunities for Irish businesses; and place Irish people in key positions in the International Financial Institutions.
In the course of high-level meetings, including in the course of official visits to Ireland by the Institutions’ leaders or representatives, the Section supports Ireland’s international outreach and assists in conveying key policy messages on Ireland’s fiscal, economic and financial situation to global policy actors and decision makers. The section also has a lead role in supporting access by Ireland to international funding in support of growth and employment (e.g. EIB lending).
The overarching objectives of the Section are:
- On-going effective engagement with the EIB and other International Financial Institutions to ensure positive growth-related outcomes for Ireland.
- Management of Ireland’s financial commitments, shareholder interests and support for governance reforms in these International Institutions.
- On-going close engagement with other Government Departments/Agencies to ensure coordinated and collaborative approach in representing Ireland internationally.
- Representation of Ireland's interests in the context of proactive policy engagement at EU and International level and with these International Institutions.
- Coordinate and communicate the Department's position on climate finance, taking account of the role of International Institutions in encouraging low carbon and climate-resilient investments.
The strategic objectives for participation in each of the Institutions are as follows:
European Investment Bank (EIB) – to promote growth measures at EU & international levels and to have a lead role in supporting access by Ireland to increased levels of international funding in support of growth and employment.
Council of European Development Bank (CEB) - to provide effective participation and representation of Ireland’s interests at the Bank and to actively participate in shareholding and governance issues.
International Monetary Fund (IMF) – to communicate effectively with IMF Board and Management; to contribute to policy development and to represent Ireland’s interests on key shareholder issues - such as IMF quotas; and to engage with the IMF on its Article IV Reviews of Ireland.
Asian Development Bank (ADB) – to contribute to policy development; to ensure effective engagement and representation of Ireland’s interests at the ADB; to administer contributions to the Asian Development Fund (the concessional lending arm of the ADB); and to promote procurement opportunities for Irish businesses with the Bank.
World Bank – to contribute to policy development; to promote Ireland’s development priorities at the Bank; to contribute to International Developmental Assistance (IDA) replenishments (the concessional lending arm of the World Bank); and to promote procurement opportunities for Irish businesses with the World Bank and International Finance Corporation (IFC).
European Bank for Reconstruction and Development - to participate in and represent Ireland’s interests on the Board of Directors and to actively participate in the shareholding and governance issues of the EBRD.
Irish representation in the International Financial Institutions
The Minister for Finance is the Governor for Ireland for each of the International Financial Institutions and the Governor of the Central Bank, Dr Patrick Honohan, is the Alternate Governor for Ireland at the IMF. Ireland also holds a Board position at the European Investment Bank where it is represented by Secretary General John Moran.
Ireland has a number of representatives placed in the International Financial Institutions on a secondment/appointment basis. These representatives work closely with the Department of Finance and other Departments/Agencies to pursue Ireland’s interests.
Institution Representative Position
IMF Michael McGrath Alternate Executive Director
Michael Hough Advisor
World Bank Mary O’Dea Senior Advisor
Alex lalor Advisor
EBRD Seán Donlon Director