European Financial Stability Facility Act 2010

1.. Definitions.

1.— In this Act—

“Company” means the European Financial Stability Facility, being a public limited liability company incorporated under the laws of the Grand Duchy of Luxembourg, referred to in the EFSF Framework Agreement as one of the Parties to that Agreement;

“EFSF Framework Agreement” means the Agreement between certain Member States of the European Union (including the State) on the one part and the Company on the other part that was signed by the Minister on behalf of the State on 10 June 2010, the text of which (including the Annexes) is set out in the Schedule, and includes any amendment duly made to that Agreement;

“Minister” means Minister for Finance.

2.. Participation by State under EFSF Framework Agreement.

2.— The Minister may on behalf of the State as a Guarantor (within the meaning of the EFSF Framework Agreement) issue guarantees for the purposes of that Agreement.

3.. Payments out of Central Fund.

3.— There may be paid out of the Central Fund or the growing produce of that Fund sums, aggregating to a sum not exceeding F1[€12,500,000,000], for the purpose of enabling the State to fulfil its obligations arising from the EFSF Framework Agreement, including the contribution of the State to the capital and other costs of the Company and any other expenses incurred in relation to that Agreement.

4.. Payments into Exchequer.

4.— Any moneys received by or on behalf of the State in respect of—

(a) moneys advanced by the State under this Act, or

(b) any guarantee by the State under this Act,

shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.

5.. Reports by Minister to Dáil Éireann.

5.— (1) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann that includes the following information:

(a) the aggregate value of the guarantees issued by the State under section 2 during the reporting period,

(b) the value of all guarantees issued by the State under section 2 up to the end of the reporting period,

(c) the aggregate amount of moneys advanced by the State under section 3 during the reporting period,

(d) the aggregate amount of all moneys advanced by the State under section 3 up to the end of the reporting period,

(e) the aggregate amount of moneys received by the State under section 4 during the reporting period, and

(f) the aggregate amount of all moneys received by the State under section 4 up to the end of the reporting period.

(2) In subsection (1) “reporting period” means—

(a) each of the following periods—

(i) the period from the passing of this Act to 31 December 2010,

(ii) the period in any year after 2010 from 1 January to 30 June,

(iii) the period in any year after 2010 from 1 July to 31 December,

or

(b) within each period to which paragraph (a) relates, such shorter periods as the Minister may from time to time consider appropriate in the circumstances.

6.. Amendment of Euro Area Loan Facility Act 2010.

6.— The Euro Area Loan Facility Act 2010 is amended by substituting the following section for section 4, with effect from the passing of that Act:

“Reports by Minister to Dáil Éireann.

4.— (1) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann that includes the following information:

(a) the aggregate amount of moneys advanced by the State under section 2 during the reporting period,

(b) the aggregate amount of moneys received by the State under section 3 during the reporting period,

(c) the aggregate amount of moneys advanced by the State under section 2 up to the end of the reporting period,

(d) the aggregate amount of moneys received by the State under section 3 up to the end of the reporting period, and

(e) the aggregate amount of moneys outstanding and owed to the State under the loan facility at the end of the reporting period.

(2) In subsection (1) “reporting period” means—

(a) each of the following periods—

(i) the period from 20 May 2010 to 31 December 2010,

(ii) the period in any year after 2010 from 1 January to 30 June,

(iii) the period in any year after 2010 from 1 July to 31 December,

or

(b) within each period to which paragraph (a) relates, such shorter periods as the Minister may from time to time consider appropriate in the circumstances.”.

7.. Expenses.

7.— The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

8.. Short title.

8.— This Act may be cited as the European Financial Stability Facility Act 2010.