Michael Noonan (Limerick City, Fine Gael)

As this is a programme country, the notional guarantees ascribed to Ireland will never be exercised because of the stepping-out arrangement for guarantee countries. The ESM has already been agreed to. There may be minor amendments before it is fully signed off, but it has a different structure from the ESF. Under the ESM, there is no guarantee system; countries must pay actual capital into the fund. Neither is there a stepping-out facility for the ESM. Ireland's share in terms of paid-in capital will be approximately €1.3 billion. That will be the arrangement, rather than a system of guarantees. This is to be paid in five equal instalments starting in 2013, which equates to about €250 million per annum for each year from 2013 to 2018, but there will be no accompanying guarantee system as it is a different mechanism. As I said, it will require separate legislation here and Deputies will have a full opportunity to debate it at that point. Nothing in this Bill impinges on it.

See this speech in context