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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