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.