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. Scott Rankin:
We have to pick a number. In the context of paid-in capital and the maximum fire power that the entity will have, we have to pick a number that is appropriate for a particular use. As I said, we cannot predict what the next crisis will throw at us. Plainly if the tools as they have been designed are not appropriate to deal with the crisis, then there is always the option of modifying them. A sum of €60 billion was the number agreed upon that was appropriate in the context.