European Financial Stability Facility and Euro Area Loan Facility (Amendment) Act 2011

1.. Amendment of European Financial Stability Facility Act 2010.

1.— (1) The references to the EFSF Framework Agreement in the European Financial Stability Facility Act 2010 include the Amendment to the EFSF Framework Agreement and that Act shall be construed accordingly.

(2) Section 3 of the European Financial Stability Facility Act 2010 is amended by substituting “€12,500,000,000” for “€7,500,000,000”.

(3) The purposes of this section include enabling the State to fulfil its obligations arising from the EFSF Framework Agreement as amended by the Amendment referred to in subsection (1), 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 as so amended.

(4) In this section—

“Amendment to the EFSF Framework Agreement” means the Amendment to the EFSF Framework Agreement entered into by 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 for Finance on behalf of the State on 8 September 2011, the text of which (including the Annexes) is set out in Schedule 1;

“Company” has the same meaning as in the European Financial Stability Facility Act 2010;

“EFSF Framework Agreement” has the same meaning as in the European Financial Stability Facility Act 2010.

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

2.—F1[(1) The references to the Loan Facility Agreement in theEuro Area Loan Facility Act 2010include—

(a) the Amendment to the Loan Facility Agreement of June 2011,

(b) the Amendment to the Loan Facility Agreement of February 2012,

(c) the Amendment to the Loan Facility Agreement of December 2012, and

(d) any subsequent amendments to the Loan Facility Agreement which have been approved by DáilÉireann pursuant to Article 29.5.2°of the Constitution,

and that Act shall be construed accordingly.

(1A) Where DáilÉireann has approved, pursuant to Article 29.5.2°of the Constitution, an amendment to the Loan Facility Agreement, the Minister for Finance shall, as soon as may be thereafter, cause notice of such approval to be published inIris Oifigiúil.]

(2) The purposes of subsection (1) include enabling the State to make the payments provided for in—

(a) the Intercreditor Agreement, and

F1[(b) the Loan Facility Agreement, as amended by the amendments to which subsection (1) relates.]

(3) In this section—

“Amendment to the Loan Facility Agreement of June 2011” means the Amendment to the EUR 80 000 000 000 Loan Facility Agreement done in Brussels on 14 June 2011 and in Athens on 10 June 2011 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 (including the Annexes) is set out in Schedule 2;

F2[‘Amendment to the Loan Facility Agreement of February 2012’means the Amendment to the EUR 80 000 000 000 Loan Facility Agreement done in Brussels on 27 February 2012 and in Athens on 24 February 2012 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 (including the Annexes) is set out in Schedule 3;]

F3[‘Amendment to the Loan Facility Agreement of December 2012’means the Amendment to the EUR 80 000 000 000 Loan Facility Agreement done in Brussels on 19 December 2012 and in Athens on 18 December 2012 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 (including the Annexes) is set out in Schedule 4;]

“Intercreditor Agreement” has the same meaning as in the Euro Area Loan Facility Act 2010;

“Loan Facility Agreement” has the same meaning as in the Euro Area Loan Facility Act 2010.

3.. Short title.

3.— This Act may be cited as the European Financial Stability Facility and Euro Area Loan Facility (Amendment) Act 2011.