Brian Hayes (Dublin South West, Fine Gael)
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On a point of information for colleagues, I wish to bring to the committee’s attention that the Government intends to introduce an amendment to the Credit Reporting Bill 2012 on Report Stage.

This amendment is to provide a legislative base for Ireland to make transfers from the Central Fund to an intermediate account operated by the ESM on behalf of the euro area member states. There will be two other amendments to the Bill, consequential to this amendment, one to the Long Title of the Bill and another to exclude this amendment from the requirements in respect of commencement orders. These transfers are an amount equivalent to the income on the SMP portfolio accruing to the national Central Bank as and from budget year 2013. The member states under a full financial assistance programme are not required to participate in this scheme for the period in which they receive financial assistance. As this provision currently falls outside the scope of the Credit Reporting Bill an instruction to a committee motion will be required under Standing Order 131(2). Standing Order 131(2) provides that the Dáil may, following debate of not less than 60 minutes, give an instruction to a committee empowering it to make amendments.

The net issue is that under the second bailout for Greece, a new fund was provided which all member states of the eurozone commit to. We must have this up and running in legislation because, as we come out of the bailout programme ourselves, we are liable. The next payment is due on 1 July 2014. With the agreement of the House, we propose to use the provisions of this Bill to provide a mechanism through which this can be paid. Essentially, it is our portion of the funds made available to Greece. An agreement was put in place whereby the amount of interest owed that a member state would obtain through the fund would be given back to the Greek authorities. We did not have to pay this because we were in a bailout programme ourselves but when we come out of the programme, we will have to pay it. The sum for next year is approximately €31 million, which Ireland will pay to the Greek authorities, as will our eurozone partners. This is totally accounted for in terms of the budgetary position, notwithstanding the commitment we must make. Effectively, we are adding this into this legislation because this is probably the last chance we will have to do so between now and July. If we do not do it this way, there will be no legal basis for us paying it. That is the intention of the exercise.