Dáil debates
Thursday, 24 June 2010
European Financial Stability Facility Bill: Second Stage
Article 7 covers the contribution between guarantors. If a guarantee is called to meet a scheduled payment and, due to the non-payment by one or more of the other guarantors, a guarantor ends up paying more than its required proportion, that is, its share of the guarantee in question before it is increased to 120%, then, after three business days, that guarantor is entitled to an indemnity from each of the other guarantors for the excess it has paid plus interest at the rate of one month EURIBOR plus 500 basis points.
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