European Stability Mechanism Act 2012

Bill entitled an Act to further facilitate, in the public interest, the financial stability of the European Union by establishing a permanent stability mechanism to assume the tasks of the European Financial Stability Facility and the European Financial Stabilisation Mechanism in providing, where needed, financial assistance to euro area member states and for that purpose— (A) to make permanent provision to provide for matters relating to the participation by the State in the European Stability Mechanism pursuant to the treaty establishing the European Stability Mechanism done at Brussels on 2 February 2012 between the euro area Member States, (B) to provide for matters relating to the State's subscription to the authorised capital stock of the European Stability Mechanism in accordance with that Treaty, (C) to provide for payments to be made out of the central fund or the growing produce of that fund so as to enable the State to give effect to that Treaty, (D) to provide for all dividends or other moneys received by the state under that treaty to be paid into the exchequer, and (E) to provide for related matters

Last updated: 3 Jul 2012

Sponsored by: Minister for Finance

Source: Government

Originating House: Dáil Éireann