Phil Hogan (Carlow-Kilkenny, Fine Gael)

I move amendment No. 1:

To delete all words after "Dáil Éireann" and substitute the following:

"notes that:

— the European Stability Mechanism, ESM, treaty is an important part of the significant number of initiatives which have been taken at EU level to ensure the economic and financial stability of the euro area and the EU as a whole which include:

— the establishment of a temporary support facility, the European Financial Stability Facility, EFSF, and also the extension of the use of the EU's European Financial Stabilisation Mechanism, EFSM, facility;

— the agreement to enhance the effectiveness of the EFSF through increased lending capacity and additional flexibilities;

— the agreement to reduce the interest rates and lengthen the maturities for programme countries;

— the agreement to establish a permanent support facility, the ESM, by July 2013 to replace the temporary EFSF and EFSM arrangements;

— the agreement to include the new EFSF flexibilities in the ESM;

— the agreement to accelerate the entry into force of the ESM treaty to July 2012, subject to ratification by member states representing 90% of the capital commitments;

— the agreement at EU level to provide significant additional resources to the IMF;

— the agreement to reassess in March this year the adequacy of the overall ceiling of the EFSF/ESM of €500 billion;

— the agreement to provide substantial additional support to Greece and the enhancement of its debt sustainability;

— the enhancement of economic governance with the strengthening of the Stability and Growth Pact through, for example, the six pack of legislative measures and also the agreement on the stability treaty; and

— the ECB's significant initiative to provide liquidity of up to €1 trillion in support to the EU banking system;

— the Government has participated actively in the development of these initiatives, as appropriate, which are in Ireland's and in Europe's interests; and

— the Government will decide on the appropriate timing for legislation to ratify the ESM treaty in due course, with regard to the agreed timetable at European level for ratification."

I will hand over to the Minister for Finance.

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