European Stability Mechanism Act 2012
Number 20 of 2012
EUROPEAN STABILITY MECHANISM ACT 2012
REVISED
Updated to 9 December 2021
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 the Finance (European Stability Mechanism and Single Resolution Fund) Act 2021 (38/2021), enacted 9 December 2021, and all statutory instruments up to and including the Gaeltacht Act 2012 (Designation of Gaeltacht Language Planning Areas) (No. 4) Order 2021 (S.I. No. 710 of 2021), made 8 December 2021, 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 9 December 2021
ARRANGEMENT OF SECTIONS
Section
2. Payments by Minister in respect of authorised capital stock of ESM.
3. Payments out of Central Fund.
6. ESM exempt from requirement to be authorised or reg-ulated.
8. Reports by Minister to Dáil Éireann.
Text of Treaty in the Irish Language
Text of Treaty in the English Language
Number 20 of 2012
EUROPEAN STABILITY MECHANISM ACT 2012
REVISED
Updated to 9 December 2021
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.
[3rd 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.