Terence Flanagan
Ceist:48. Deputy Terence Flanagan asked the Minister for Finance the cost for the next five years of being a member of the European Stability Mechanism; and if he will make a statement on the matter. [49616/13]
Amharc ar fhreagraWednesday, 20 November 2013
Ceisteanna (48)
Freagraí scríofa
The European Stability Mechanism Act, 2012 provides for Ireland's membership of the European Stability Mechanism (ESM) and payments into it. Section 3 of the Act provides for payments to the ESM out of the Central Fund. In July 2012 the European Stability Mechanism Act was signed into law and in August 2012 Ireland deposited its instrument of ratification for the Treaty establishing the ESM. The Treaty provides for a total capital subscription of €700 billion, of which €80 billion is paid-in capital. Ireland’s total share of the paid-in capital is €1.27376 billion, based on our percentage share of the ESM total paid-in capital which is 1.5922%. This paid-in capital is to be paid in five equal tranches of €254,752,000 up to April 2014. The Eurogroup (Euro Area Finance Ministers) agreed in September 2012 that two tranches of capital would be paid in 2012, both in October, following the ESM’s entry into force. The ESM entered into force as of 27th September 2012, and Ireland’s first two tranches of €254,750,000 were paid together on 11th October 2012, resulting in a total payment of €509,504,000.
The third tranche of €254,752,000 was paid on 19th April 2013.
The fourth tranche of €254,752,000 was paid on 29th October 2013.
The agreed payment schedule is that the remaining fifth tranche (again of €254,752,000) will be paid in April 2014.