Finance Committee to discuss European Stability Mechanism (Amendment) Bill 2014

Chairman Ciaran Lynch TD said: “The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for the countries of the euro area. Its purpose is to provide stability support through a number of financial assistance instruments to ESM Member States which are experiencing, or are threatened by severe financing problems. The purpose of the European Stability Mechanism (Amendment) Bill 2014 is to allow for the creation and operation of the ESM's Direct Recapitalisation Instrument. The leaders of euro area countries decided in June 2012 to develop an instrument that would allow banks to strengthen their capital position without placing a large burden on the country where the bank is incorporated. In June, the euro area Member States reached a preliminary agreement on the future ESM direct recapitalisation instrument and in July, the General Scheme of a European Stability Mechanism (Amendment) Bill 2014 was approved by the Government. The General Scheme is the first step towards a Bill, which if enacted, would amend the European Stability Mechanism Act 2012 to allow for the addition of the Direct Recapitalisation Instrument as an instrument of the ESM
Tomorrow we will meet with officials from Department of Finance to carry our pre-legislative scrutiny of the General Scheme of the Bill.”

These meeting will start tomorrow, Wednesday, 24th September 2014 at 4pm in Committee Room 4, Leinster House 2000.

Ahead of this meeting, the Select Sub Committee on Finance will meet at 3pm in Committee Room 4 to discuss two motions with Minister of State with special responsibility for OPW, Public Procurement and International Banking Simon Harris TD.

The motions are:

i)    Double Taxation Agreements with the Republic of Botswana and the Kingdom of Thailand; and
ii)    Protocols to Double Taxation Agreements with Belgium, Denmark and Luxembourg

Committee proceedings can be followed live here.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

Media Enquiries to:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551

Committee Membership

Deputies

Richard Boyd-Barrett, People Before Profit
Michael Creed, Fine Gael
Pearse Doherty, Sinn Fein
Regina Doherty, Fine Gael
Stephen Donnelly, Independent
Timmy Dooley, Fianna Fáil
Alan Farrell, Fine Gael
Sean Fleming, Fianna Fáil
Simon Harris, Fine Gael
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Mary Lou McDonald, Sinn Fein
Ciarán Lynch, Labour Party (Chairman)
Michael McGrath, Fianna Fáil
Dara Murphy, Fine Gael
Kieran O’Donnell, Fine Gael
Aodhán O Ríordáin, Labour
Arthur Spring, Labour Party
Brian Stanley, Sinn Féin
Liam Twomey, Fine Gael

Senators

Sean D Barrett
Thomas Byrne
Paul Coghlan
Michael D’Arcy
Aideen Hayden
Tom Sheahan