European Financial Stability Facility Act 2010

Bill entitled an Act to facilitate, in the public interest, the financial stability of the European Union and for that purpose—(a) to provide for matters relating to the participation by the State in the European Financial Stability Facility, a public limited company incorporated under the laws of the Grand Duchy of Luxembourg pursuant to an intergovernmental agreement among certain Member States of the European Union consequent on the conclusions of 10 May 2010 of the Council of Economic and Finance Ministers of the European Union regarding the preservation of financial stability in Europe and subject to the terms of the EFSF Framework Agreement entered into by certain Member States on the one part and the European Financial Stability Facility on the other part,(b) to provide for matters relating to guarantees given by the State for the purposes of the Agreement so entered into, (c) to provide for payments to be made out of the Central Fund or the growing produce of that Fund so as to enable effect to be given to the Agreement so entered into,(d) to provide for all receipts received under this Act, including receipts in respect of moneys advanced or guarantees given, to be paid into the Exchequer, (e) to amend the Euro Area Loan Facility Act 2010, and(f) to provide for related matters

Last updated: 3 Jul 2010

Sponsored by: Minister for Finance

Source: Government

Originating House: Dáil Éireann