10 February 2004
Minister for Finance Publishes Council of Europe Development Bank Bill 2004
The Council of Europe Development Bank Bill 2004 was published today (? February) by the Minister for Finance, Mr. Charlie McCreevy TD.The Bill provides for Ireland’s membership of the Bank and seeks the approval of the Oireachtas to accept the terms and conditions of membership.
Under the terms of membership, agreed by the Governing Board of the Bank, Ireland’s subscription to the capital of the Bank will be €30,515,890. €3,368,950 will be “paid-up capital” and the remainder will be available to the Bank in the form of “callable capital”. Ireland will also be required to make a contribution of €9,763,730 to the Bank’s reserves.Ireland’s total cash contribution, therefore, will amount to €13,132,680, which will be paid in equal instalments of €3,283,170 over a four year period.The first payment falls due within 30 days of the Bank’s receipt of Ireland’s declaration of accession.Payment of the first instalment has been provided for in the 2004 Estimates.
Membership of the Council of Europe Development Bank is part of the Government’s strategy to join a number of Development Banks, which was recommended in the 2002 Report of the Ireland Aid Review Committee.
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