Annex 1 to the agreement sets out the list of guarantor member states and their respective guarantee commitments and Annex 2 sets out the contribution key for each member state. As I said at the outset, the European financial stability facility is an essential contingency measure. As Deputies are aware, other broad-ranging measures are also being considered at EU level with a view, inter alia,to improving the economic governance of the euro area and the related arrangements for budgetary surveillance. I am participating in these discussions as a member of the task force established by President Van Rompuy. I would like to reassure the House that notwithstanding what has been implied in some media reports, Ireland has nothing to fear and everything to gain from this important process which is likely, if anything, to enhance the role of national parliaments in these matters.

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