By
Department of Finance
Government Buildings
Upper Merrion Street
Dublin 2
Ireland
LoCall: 1890 66 10 10
Fax: +353 1 678 9936
webmaster@finance.gov.ie
Publication of Euro Area Loan Facility (Amendment) Bill 2013
The Minister for Finance has today published the Euro Area Loan Facility (Amendment) Bill 2013.
Background:
The purpose of this legislation is to enable Ireland to confirm acceptance of the 3rd Amendment to the Greek Loan Facility (GLF) as part of the proposed new programme of assistance for Greece.It is to facilitate,in the public interest, the financial stability of the European Union and the safeguarding of the financial stability of the euro area as a whole.
These changes were agreed by euro area finance ministers in late 2012 subject to national procedures.
The amendments to the GLF include two elements which require amendment of the existing Irish legislation:
- An extension of the term of the Loan under the Facility by fifteen years to thirty years.
- A further 100 basis point reduction in the margin to 50 basis points over three-month EURIBOR.
The legislation also includes an additional technical measure, which is being introduced to the legislation in view of the increased frequency of amendments to the GLF. It allows that as well as giving effect to the Amendment to the GLF, the legislation will also provide for certain changes to the terms and conditions of the GLF to be agreed by resolution of the Dáil.
Changes to the Greek Loan Facility which require substantive changes to primary legislation or to substantive Irish law will still require new primary legislation
Ends
10 January, 2013
|
distributed by
|
