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
4:40 pm
Mr. Feargal Ó Brolcháin:
No. I have to be very clear on this point. The ESM does not lend directly the paid-in capital. The capital base of the ESM is the backing for its borrowings in the markets. All of the money the ESM provides through either programme lending or direct recapitalisation is borrowed.