European stability mechanism act 2012

• Enactment Date: 03 July 2012
• Act Number: 20

Number 20 of 2012
EUROPEAN STABILITY MECHANISM ACT 2012
ARRANGEMENT OF SECTIONS
Section
1. Definitions.
2. Payments by Minister in respect of authorised capital stock of ESM.
3. Payments out of Central Fund.
4. Payments into Exchequer.
5. Privileges and immunities.
6. ESM exempt from requirement to be authorised or reg-ulated.
7. ESM exempt from taxation.
8. Reports by Minister to Dáil Éireann.
9. Expenses.
10. Short title.
SCHEDULE
PART 1
Text of Treaty in the Irish Language
PART 2
Text of Treaty in the English Language
Number 20 of 2012
EUROPEAN STABILITY MECHANISM ACT 2012
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:
	Definitions.	1.— In this Act—
	“ESM” means the international financial institution established as the European Stability Mechanism by Article 1 of the Treaty;
	“Minister” means Minister for Finance;
	“Treaty” means the Treaty establishing the European Stability Mechanism done at Brussels on 2 February 2012 between the Euro Area Member States of the European Union, the text of which (including the Annexes) is set out in Part 1 of the Schedule in the Irish language and in Part 2 of the Schedule in the English language.
	Payments by Minister in respect of authorised capital stock of ESM.	2.— The Minister may on behalf of the State, from time to time, make payments in respect of the contribution of the State to the authorised capital stock of the ESM in accordance with the Treaty.
	Payments out of Central Fund.	3.— There may be paid out of the Central Fund or the growing produce of that Fund sums, aggregating to a sum not exceeding €11,145,400,000 to enable the State to make payments in respect of its contribution to the authorised capital stock of the ESM in accordance with the Treaty.
	Payments into Exchequer.	4.— Any moneys received by or on behalf of the State by way of dividend from the ESM under Article 23 of the Treaty or otherwise received under the Treaty shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.
	Privileges and immunities.	5.— (1) The ESM shall have within the State the legal status, privileges and immunities referred to in Article 32 of the Treaty and, in respect of persons to whom paragraph 1 of Article 35 of that Treaty relates, such persons shall, subject to any waiver of immunity under paragraph 2 or 3 of that Article—
	(a) be immune from legal proceedings with respect to acts performed by them in their official capacity, and
	(b) enjoy inviolability in respect of their official papers and documents.
	(2) In proceedings in any court, a certificate purporting to be under the seal of the Minister for Foreign Affairs and Trade and stating any fact relevant to determine whether the ESM, or any person to whom paragraph 1 of Article 35 of the Treaty relates, is entitled to inviolability or to a privilege or immunity under subsection (1) shall be prima facie evidence of that fact.
	ESM exempt from requirement to be authorised or regulated.	6.— The ESM shall not be taken to be providing a service or carrying on an activity which would require it to be authorised or regulated by the Central Bank of Ireland.
	ESM exempt from taxation.	7.— ESM, its assets, gains, income, property, staff and its operations and transactions authorised by the Treaty shall be exempt from taxation to the extent and in the manner provided for by Article 36 of the Treaty.
	Reports by Minister to Dáil Éireann.	8.— (1) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann that includes the following information:
	(a) the aggregate value of contributions made by the State to the authorised capital stock of the ESM under section 2 during the reporting period,
	(b) the aggregate amount of moneys (including dividends) received by the State, to which section 4 relates, during the reporting period,
	(c) the aggregate value of contributions made by the State to the authorised capital stock of the ESM under section 2 up to the end of the reporting period, and
	(d) the aggregate amount of all moneys (including dividends) received by the State, to which section 4 relates, up to the end of the reporting period.
	(2) In subsection (1) “reporting period” means—
	(a) each of the following periods—
	(i) the period from the passing of this Act to 31 December 2012,
	(ii) the period in any year after 2012 from 1 January to 30 June,
	(iii) the period in any year after 2012 from 1 July to 31 December,
	or
	(b) within each period to which paragraph (a) relates, such shorter periods as the Minister may from time to time consider appropriate in the circumstances.
	Expenses.	9.— The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.
	Short title.	10.— This Act may be cited as the European Stability Mechanism Act 2012.
SCHEDULE
Section 1 .
PART 1 Text of Treaty in the Irish Language
CONRADH
LENA mBUNAÍTEAR AN SÁSRA COBHSAÍOCHTA EORPACH
IDIR RÍOCHT NA BEILGE, POBLACHT CHÓNAIDHME NA GEARMÁINE,
POBLACHT NA hEASTÓINE, ÉIRE, AN PHOBLACHT HEILLÉANACH,
RÍOCHT NA SPÁINNE, POBLACHT NA FRAINCE,
POBLACHT NA hIODÁILE, POBLACHT NA CIPIRE,
ARD-DIÚCACHT LUCSAMBURG, MÁLTA,
RÍOCHT NA hÍSILTÍRE, POBLACHT NA hOSTAIRE,
POBLACHT NA PORTAINGÉILE, POBLACHT NA SLÓIVÉINE,
POBLACHT NA SLÓVAICE AGUS POBLACHT NA FIONLAINNE
TÁ NA PÁIRTITHE CONARTHACHA, Ríocht na Beilge, Poblacht Chónaidhme na Gearmáine, Poblacht na hEastóine, Éire, an Phoblacht Heilléanach, Ríocht na Spáinne, Poblacht na Fraince, Poblacht na hIodáile, Poblacht na Cipire, Ard-Diúcacht Lucsamburg, Málta, Ríocht na hÍsiltíre, Poblacht na hOstaire, Poblacht na Portaingéile, Poblacht na Slóivéine, Poblacht na Slóvaice agus Poblacht na Fionlainne (“Ballstáit an limistéir euro” nó “Comhaltaí SCE”);
AR A BHEITH TIOMANTA do chobhsaíocht airgeadais an limistéir euro a áirithiú;
AG MEABHRÚ DÓIBH Chonclúidí na Comhairle Eorpaí maidir le sásra cobhsaíochta Eorpach a bhunú a glacadh an 25 Márta2011;
DE BHARR AN MÉID SEO A LEANAS:
(1) Tháinig an Chomhairle Eorpach ar chomhaontú an 17 Nollaig 2010 go gcaithfeadh Ballstáit an limistéir euro buansásra cobhsaíochta a bhunú. Glacfaidh an Sásra Cobhsaíochta Eorpach seo (“SCE”) na cúraimí atá á gcomhall ag an tSaoráid Chobhsaíochta Airgeadais Eorpach (“SaorCAE”) agus ag an Sásra Cobhsaíochta AirgeadaisEorpach (“SásCAE”) faoi láthair air féin le linn cúnamh airgeadais a sholáthar, i gcás inar gá sin, do Bhallstáit de chuid an limistéir euro.
(2) An 25 Márta 2011, ghlac an Chomhairle Eorpach Cinneadh 2011/199/AE lena leasaítear Airteagal 136 den Chonradh ar Fheidhmiú an Aontais Eorpaigh maidir le sásra cobhsaíochta le haghaidh na mBallstát a bhfuil an euro mar airgeadra acu 1 agus lena gcuirtear an mhír seo a leanas le hAirteagal 136: “Féadfaidh na Ballstáit a bhfuil an euro mar airgeadra acu sásra cobhsaíochta a bhunú atá le gníomhachtú má tá sé sin fíor-riachtanach chun cobhsaíocht an limistéir euro ina iomláine a choimirciú. Beidh deonú aon chúnaimh airgeadais atá ag teastáil faoin sásra faoi réir coinníollachta doichte’’.
(3) D’fhonn éifeachtacht an chúnaimh airgeadais a mhéadú agus an priacal aicídithe airgeadais a chosc, tháinig Ceannairí Stáit nó Rialtais na mBallstát a bhfuil an euro mar airgeadra acu ar chomhaontú an 21 Iúil 2011 ‘solúbthacht [SCE] a mhéadú ach coinníollacht chuí a bheith ceangailte leis’.
(4) Is é an chéad bheart cosanta ba cheart a bheith ann fós i gcoinne géarchéimeanna muiníne, a dhéanfadh dochar do chobhsaíocht an limistéir euro, urramú docht chreat an Aontais Eorpaigh, an fhaireachais mhaicreacnamaíoch chomhtháite, agus go háirithe an Chomhshocraithe Cobhsaíochta agus Fáis, an chreata um míchothromaíochtaí maicreacnamaíocha agus na rialacha maidir le rialachas eacnamaíoch an Aontais Eorpaigh.
(5) An 9 Nollaig 2011, chomhaontaigh Ceannairí Stáit nó Rialtais na mBallstát a bhfuil an euro mar airgeadra acu gluaiseacht i dtreo aontais eacnamaíoch níos láidre, lena n‑áirítear comhaontú buiséadach nua agus comhordú treisithe ar bheartas eacnamaíoch a chuirfear chun feidhme trí chomhaontú idirnáisiúnta, an Conradh ar Chobhsaíocht, ar Chomhordú agus ar Rialachas san Aontas Eacnamaíoch agus Airgeadaíochta (“CCCR”). Cuideoidh CCCR le comhordú níos dlúithe a fhorbairt laistigh den limistéar euro d’fhonn bainistíocht mharthanach, fhónta agus urrúnta ar an airgeadas poiblí a áirithiú, agus tabharfaidh sé aghaidh ar an gcaoi sin ar cheann de...