Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The Senator spoke about how we can better understand the engagement between the European Commission and the European Stability Mechanism. When this treaty comes into force, a memorandum of co-operation between the ESM and the European Commission will be published. That will be publicly available on the websites of both the ESM and the European Commission to indicate to stakeholders how the Commission and the stability mechanism will engage with each other.

Amendment No. 8 relates to the engagement the ESM will have with the European Commission or another private investment or a member. Issues relating to the engagement between the ESM and the Commission will be dealt with by the memorandum of understanding which will be published when the treaty comes into force. The engagement the ESM might have with a private investor will only happen when a member state that could be the subject of that kind of engagement gives its consent to the ESM dealing with investors. Engagement between the stability mechanism and private investors about a member state will only happen when a member state gives its consent to the ESM for that kind of engagement to be initiated. By its very nature, it will be confidential because the European Stability Mechanism will be dealing with issues that are very important to the confidence financial markets may have in a member state. For those reasons it is very important to maintain confidentiality when it is happening, which is why I am not in a position to accept the amendment.

I am not accepting amendment No. 10 because information regarding who will attend the meetings of the board of directors is already publicly available. That is published on the website of the ESM. Information regarding who can attend those meetings but does not have voting rights is available. I can tell the Senator who they are. Observers appointed by the European Commission who would be in charge of economic and monetary affairs may attend but do not have voting rights. The president of the Eurogroup working group, the secretary general of the ESM and representatives of institutions or organisations might be there on an ad hocbasis, but they do not have voting rights. A list of those institutions and countries with voting rights is already publicly available. For those reasons, I am not in a position to accept that amendment. In summary it is because the names of those who have voting rights are already publicly available.