Written answers

Tuesday, 9 December 2014

Department of Finance

European Stability Mechanism

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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176. To ask the Minister for Finance the amount of money Ireland is transferring to the ESM in 2014; the amount expected in 2015; Ireland's total financial commitment to the fund; and if he will make a statement on the matter. [46971/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The ESM Treaty entered into force on 27 September 2012, in accordance with Article 48.1 of the ESM Treaty. The European Stability Mechanism Acts 2012 and 2014 provide for Ireland's membership of the European Stability Mechanism (ESM) and payments into it. The capital structure of the ESM, which is set out in the ESM Treaty, provides for a total capital subscription of €700 billion, of which €80 billion is paid-in capital, with the remaining €620 billion being callable capital.

Ireland's share of the ESM's total capital subscription is €11.1454 billion. Ireland's share of the paid in capital is €1.27376 billion and this was paid in five equal tranches of €254.752 million two tranches were paid in 2012, a further two tranches were paid in 2013.  The final tranche of paid in capital, amounting to €254.752 million was paid in April of this year.


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