Dáil debates

Thursday, 24 June 2010

European Financial Stability Facility Bill: Second Stage

 

Article 11 deals with the duration and the liquidation of the company. The company will remain in existence until 30 June 2013 as a minimum and it will be liquidated as soon as the loans advanced by it have been repaid and all its liabilities to holders of its funding instruments have been discharged. If no loan facility agreements are in place on or before 30 June 2013, then the company will be dissolved immediately. On its liquidation, any liabilities, if there are any, may be divided among the shareholders and any assets, after the cash reserve has been distributed, will be distributed to shareholders.

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