Pearse Doherty (Donegal South West, Sinn Fein)
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167. To ask the Minister for Finance to outline the national measures required to implement the political agreement on the ESM direct recapitalisation instrument; and if he will make a statement on the matter. [25684/14]

Michael Noonan (Limerick City, Fine Gael)
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On 10 June 2014 the euro area Member States reached a preliminary agreement on the future European Stability Mechanism's (ESM) direct recapitalisation instrument (DRI). This now requires a decision by mutual agreement of the ESM Board of Governors to create a new ESM instrument in accordance with Article 19 of the ESM treaty and the aim is to have this process completed by November this year.   This would allow the ESM DRI to come into effect once the Single Supervisory Mechanism is in place and operational which is expected to be in November of this year.

In relation to national procedures, in our case, I understand that the ESM DRI will require an amendment to the ESM Act 2012. I will shortly seek Government approval to draft such amending legislation with a view to completion of all stages and enactment by November this year.