LEGISLATION:LEGISLATION TO allow for the expansion of the European Financial Stability Fund has been given priority for passage through the Oireachtas in early September in the light of this week's events and its impact on the euro zone area.
A spokeswoman for the Department of Finance said the Bill to give effect to the outcome of the summit of European Union leaders on July 21st is being drafted and will be ready to be debated in the Dáil and Seanad when parliament reopens in September.
European Commission president Manuel Barroso asked European Government’s on Wednesday “as a matter of urgency” to implement measures agreed two weeks ago to beef up the capacity of the European rescue fund to help members states.
The European Financial Stability Facility Bill will expand the scope of the fund and will also give effect to all the other decisions agreed to by the 27 EU leaders.
That includes the reduction in the interest rate for programme countries, a measure that will save Ireland an estimated €800 million a year.
“The Bill is currently being drafted by finance in consultation with the Attorney General’s office,” said the spokeswoman.
“It was always scheduled for introduction in the autumn but in light of the events of recent days, it is now even more of a priority.”
The spokeswoman said that Ireland had taken very decisive steps to deal with its debt levels and the latest Exchequer figures published this week showed that the Government was on schedule to fulfil the targets set out by the EU-IMF programme.
