European Stability Mechanism Act 2012


Number 20 of 2012


EUROPEAN STABILITY MECHANISM ACT 2012

REVISED

Updated to 13 April 2017


This Revised Act is an administrative consolidation of the European Stability Mechanism Act 2012. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including Knowledge Development Box (Certification of Inventions) Act 2017 (6/2017), enacted 12 April 2017, and all statutory instruments up to and including Social Housing Assessments (Summary) Regulations 2013 (Revocation) Regulations 2017 (S.I. No. 161 of 2017), made 13 April 2017, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.


Number 20 of 2012


EUROPEAN STABILITY MECHANISM ACT 2012

REVISED

Updated to 13 April 2017


Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was first passed.

Related legislation

European Stability Mechanism Acts 2012 and 2014 : this Act is one of a group of Acts included in this collective citation, to be construed together as one ( European Stability Mechanism (Amendment) Act 2014 (32/2014), s. 6(2). The Acts in this group are:

European Stability Mechanism Act 2012 (20/2012)

European Stability Mechanism (Amendment) Act 2014 (32/2014)

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions. A version without annotations, showing only textual amendments, is also available.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1996, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

European Stability Mechanism (Amendment) Act 2014 (32/2014)

All Acts up to and including Knowledge Development Box (Certification of Inventions) Act 2017 (6/2017), enacted 12 April 2017, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

None.

All statutory instruments up to and including Social Housing Assessments (Summary) Regulations 2013 (Revocation) Regulations 2017 (S.I. No. 161 of 2017), made 13 April 2017, were considered in the preparation of this revision.


Number 20 of 2012


EUROPEAN STABILITY MECHANISM ACT 2012

REVISED

Updated to 13 April 2017



Number 20 of 2012


EUROPEAN STABILITY MECHANISM ACT 2012

REVISED

Updated to 13 April 2017


AN ACT TO FURTHER FACILITATE, IN THE PUBLIC INTEREST, THE FINANCIAL STABILITY OF THE EUROPEAN UNION BY ESTABLISHING A PERMANENT STABILITY MECHANISM TO ASSUME THE TASKS OF THE EUROPEAN FINANCIAL STABILITY FACILITY AND THE EUROPEAN FINANCIAL STABILISATION MECHANISM IN PROVIDING, WHERE NEEDED, FINANCIAL ASSISTANCE TO EURO AREA MEMBER STATES AND FOR THAT PURPOSE—

(A)TO MAKE PERMANENT PROVISION TO PROVIDE FOR MATTERS RELATING TO THE PARTICIPATION BY THE STATE IN THE EUROPEAN STABILITY MECHANISM PURSUANT TO THE TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM DONE AT BRUSSELS ON 2 FEBRUARY 2012 BETWEEN THE EURO AREA MEMBER STATES,

(B)TO PROVIDE FOR MATTERS RELATING TO THE STATE’S SUBSCRIPTION TO THE AUTHORISED CAPITAL STOCK OF THE EUROPEAN STABILITY MECHANISM IN ACCORDANCE WITH THAT TREATY,

(C)TO PROVIDE FOR PAYMENTS TO BE MADE OUT OF THE CENTRAL FUND OR THE GROWING PRODUCE OF THAT FUND SO AS TO ENABLE THE STATE TO GIVE EFFECT TO THAT TREATY,

(D)TO PROVIDE FOR ALL DIVIDENDS OR OTHER MONEYS RECEIVED BY THE STATE UNDER THAT TREATY TO BE PAID INTO THE EXCHEQUER, AND

(E)TO PROVIDE FOR RELATED MATTERS.

[3 rd July 2012]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Modifications (not altering text):

C1

Application of Act extended (30.10.2014) by European Stability Mechanism (Amendment) Act 2014 (32/2014), ss. 3, 4, commenced on enactment.

Provision with respect to particular type of instrument and particular entities

3. The legal incidents and effects that the provisions of the Treaty and the Principal Act comprise shall include the legal incidents and effects arising by virtue or in consequence of—

(a) the granting of an instrument of the class specified in section 4 , and (b) the establishment of subsidiary bodies or sub-entities by the ESM the purpose of which is to finance or implement, or to have vested in them ownership of, the capital instruments related to the recapitalisation referred to in section 4, and

(b) the establishment of subsidiary bodies or sub-entities by the ESM the purpose of which is to finance or implement, or to have vested in them ownership of, the capital instruments related to the recapitalisation referred to in section 4 .

Class of instrument to which section 3 relates

4. The class of instrument referred to in section 3 is an instrument that effects the direct recapitalisation of a financial institution of an ESM member, being an instrument added to the list of financial instruments provided for in Articles 14 to 18 by a decision made by the Board of Governors under Article 19.