Oireachtas Joint and Select Committees

Wednesday, 24 September 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion

4:30 pm

Mr. Feargal Ó Brolcháin:

No. Ireland's financial contribution is set. The overall capital contribution is set out in the initial ESM treaty at a total capital subscription of €11.145 billion, of which approximately €1.275 billion is paid in capital. We have paid all of that capital. This does not require it to change. The amount approved in the initial European Stability Mechanism Act 2012 would not change. If it did, the Minister would have to go to the Dáil to seek approval for an increase in the level of contribution.

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