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Ireland has had a long-standing relationship with the International Monetary Fund (IMF) since its entry into Fund membership on 8 August 1957. [2] Ireland has both contributed to and used IMF resources, as well as participated in IMF decision-making, with, as of 2017, a 0.71% voting power. [3]
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability.
Despite this uncertain pedigree, the International Monetary Fund deemed them to be "broadly consistent with the economic considerations that are relevant for assessing entry into a monetary union." [2] The UK Treasury is responsible for assessing the tests. It first did so in October 1997, when it was decided that the UK's economy was neither ...
Once the dust had settled, Ireland, like other countries, joined the World Bank to procure loans to rebuild their economies and infrastructure. Like a majority of countries in the world, Ireland was hit by the global financial crisis of 2007-2008: the most severe since the Great Depression of the 1930s. [1]
It was signed on 16 December 2010 by the Irish Government under then-Taoiseach Brian Cowen on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). On 15 December 2013, Ireland exited the programme.
The United Nations Office at Geneva in Switzerland is the second biggest U.N. centre after the United Nations Headquarters in New York City.. United Nations specialized agencies are autonomous organizations working with the United Nations and each other through the co-ordinating machinery of the United Nations Economic and Social Council at the intergovernmental level, and through the Chief ...
In April 2000, the FSF–IMF listed Ireland as an offshore financial centre ("OFC"), based on criteria which academics and the OECD support. [31] The Irish State has never refuted the OFC label, and there are Irish State documents that note Ireland as an OFC. Yet, the terms OFC and "tax haven" are often considered synonymous. [32] [33] [34]
The attraction is Ireland's beneficial tax regime for contract manufacturing (previously developed for the pharmaceutical sector in Ireland) which makes Ireland a low / zero tax centre for handling payments. The closest trade body for the IFSC Payments sector is the Fintech Payments Association of Ireland (FPAI) (not exclusively IFSC focused).