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
5:30 pm
Mr. Feargal Ó Brolcháin:
No it is part of the €700 billion. Annex II sets it all out. What would have to happen is the ESM would have to lend its total lending capacity or between its direct recapitalisation instrument, DRI, and its remaining vending capacity. It would have to lend the whole lot, none of that would be repaid and then that would be called in.
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