Euro Area Loan Facility Act 2010

1.. Definitions.

1.— In this Act—

“Intercreditor Agreement” means the Intercreditor Agreement regarding the pooled bilateral loans for the benefit of the Hellenic Republic which was signed by the Minister on behalf of the State on 7 May 2010, the text of which is set out in Schedule 1;

“loan facility” has the meaning assigned by section 2;

“Loan Facility Agreement” means the Agreement referred to in Article 2 of the Intercreditor Agreement, entered into by—

(a) the Hellenic Republic as borrower and the Bank of Greece, as agent to the borrower, on the one part, and

(b) the other Member States of the Euro Area represented by the European Commission (acting as agent for those Euro Area Member States, other than the Federal Republic of Germany) and KfW (acting in the public interest, subject to the instructions of and with the benefit of the guarantee of the Federal Republic of Germany) as lenders on the other part,

the text of which is set out in Schedule 2;

“Minister” means the Minister for Finance.

2.. Payments out of Central Fund.

2.— Subject to the terms of the Intercreditor Agreement and the Loan Facility Agreement, there may be paid out of the Central Fund or the growing produce of that Fund such sums, aggregating to a sum (in this Act referred to as a “loan facility”) not exceeding €1,500,000,000, for the purpose of enabling the State to make the payments provided for in those Agreements.

3.. Payments into Exchequer.

3.— Any moneys received on behalf of the State in respect of the loan facility provided under section 2 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.

4.. F1[ 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 DáilÉireann 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.]

5.. Expenses.

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

6.. Short title.

6.— This Act may be cited as the Euro Area Loan Facility Act 2010.