Article 8 deals with calculations and adjustments of the guarantees. I have already explained that a prospective borrower can make a request to be excused from having to provide further guarantees. If that is accepted unanimously, it becomes a stepping-out guarantor and the contribution key in Annexe 2 for the remaining guarantors will be adjusted accordingly. For example, the article specifically provides that Greece is to be treated as a stepping-out guarantor from the start. As a consequence, Ireland's contribution rate to guarantees of 1.59% in Annexe 2 as it stands will increase to 1.64%. On that basis, under the agreement, Ireland's exposure in respect of its overall guarantees remains at just over €7 billion.

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