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

Committee Chairman Liam Twomey TD said: “Last month, the Committee carried out pre-legislative scrutiny of the General Scheme of the European Stability Mechanism (Amendment) Bill 2014 with officials from Department of Finance. 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 European Stability Mechanism (Amendment) Bill 2014 will allow for the creation and operation of the ESM's Direct Recapitalisation Instrument – essentially an instrument that would allow banks to strengthen their capital position without placing a large burden on the country where the bank is incorporated. Tomorrow, the Committee will have the opportunity to discuss proposed changes as set out in the legislation as published.”
 
This meeting will start at 4.30pm on Wednesday 8th October 2014 in Committee Room 4, Leinster House 2000.

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Media Enquiries to:

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

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Sub-Committee membership

Richard Boyd-Barrett, People Before Profit
Simon Harris, Fine Gael
Pearse Doherty, Sinn Fein
Michael McGrath, Fianna Fáil
Kieran O’Donnell, Fine Gael
Ciara Conway, Labour
Liam Twomey, Fine Gael
Ciaran Lynch, Labour
Alan Farrell  (FG)