Michael Noonan (Limerick City, Fine Gael)

The stability fund is temporary in nature and will be replaced by the ESM fund after 2013. There will be further legislation to put the ESM arrangement in place. When we see the text coming through, I expect that provision will be made for guarantees also. It may be bigger or smaller or the same, but the stepping out arrangement will be in place. The ESF fund will run out and be replaced by the ESM fund. We will not be coming back to move amendments to this Bill to allow Ireland to step back in again, but it may incur analogous obligations under the ESM legislation when it passes through the House. The Deputy will have his opportunity to debate it and oppose or agree to it as he sees fit.

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