Oireachtas Joint and Select Committees
Thursday, 7 November 2013
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Scrutiny of EU Legislative Proposals
6:40 pm
Mr. Aidan Carrigan:
There is provision for the fund to borrow on the financial markets and elsewhere to top it up. A debate is under way and the European Council has pointed out that there is also a need for a backstop arrangement. Consequently, in addition to the moneys advanced to the fund, there will be a facility to borrow up to three times the size of the fund and there is a provision for a backstop arrangement to provide further support.
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