Oireachtas Joint and Select Committees

Wednesday, 16 December 2015

Joint Oireachtas Committee on European Union Affairs

European Court of Auditors Annual Report 2014: Mr. Kevin Cardiff

12:30 pm

Mr. Kevin Cardiff:

It did. Under the European Financial Stabilisation Mechanism, EFSM, which contributed approximately one third of our bailout package, every country in the EU contributed. Under the European Financial Stability Facility, EFSF, every country in the euro area contributed. Under the IMF support, all European countries contributed because they were members of the IMF. For example, Germany probably accounted for 22% of the EFSF contribution, 19% of the EFSM contribution and approximately 6% of the funds that we got from the IMF. Some countries contributed thrice while others contributed once or twice, but everyone contributed something to our loan. Thankfully, it looks like everyone will get that money back in the amounts and at the time expected. Just as there is a reason of solidarity for us to make contributions to cohesion and development spending in other member states, there was a reason of solidarity, as well as a good economic reason, for them to support us through our period.

Reaching net contributor status now is a simple arithmetic event, in that our income has increased and, as such, so does our contribution. Over time, though, it appears that Ireland has done reasonably well.

On the question of whether it is fruitless to pursue people over small amounts-----

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