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Big cup of coffee needed to read this one…………
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AN BILLE UM AN SÁSRA COBHSAÍOCHTA EORPACH,
2012
EUROPEAN STABILITY MECHANISM BILL 2012
————————
Mar a tionscnaíodh
As initiated
————————
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 regulated.
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
[No. 37 of 2012]
2
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AN BILLE UM AN SÁSRA COBHSAÍOCHTA EORPACH,
2012
EUROPEAN STABILITY MECHANISM BILL 2012
————————
BILL
5 entitled
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
10 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—
15 (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
20 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 MECH25
ANISM 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,
30 (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.
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
35 1.—In this Act—
“ESM” means the international financial institution established as
the European Stability Mechanism by Article 1 of the Treaty;
3
Definitions.
Payments by
Minister in respect
of authorised
capital stock of
ESM.
Payments out of
Central Fund.
Payments into
Exchequer.
Privileges and
immunities.
ESM exempt from
requirement to be
authorised or
regulated.
ESM exempt from
taxation.
Reports by Minister
to Dáil Éireann.
“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 5
Irish language and in Part 2 of the Schedule in the English language.
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.
3.—There may be paid out of the Central Fund or the growing 10
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.
4.—Any moneys received by or on behalf of the State by way of 15
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.
5.—(1) The ESM shall have within the State the legal status, priv- 20
ileges 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 per- 25
formed 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 30
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.
6.—The ESM shall not be taken to be providing a service or carry- 35
ing on an activity which would require it to be authorised or regulated
by the Central Bank of Ireland.
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 40
Article 36 of the Treaty.
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:
4
(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)
5 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
10 (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—
15 (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
20 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.
25 9.—The expenses incurred by the Minister in the administration
of this Act shall be paid out of moneys provided by the Oireachtas.
10.—This Act may be cited as the European Stability Mechanism
Act 2012.
5
Expenses.
Short title.
Section 1. SCHEDULE
PART 1
Text of Treaty in the Irish Language
CONRADH
LENA mBUNAÍTEAR AN SÁSRA COBHSAÍOCHTA 5
EORPACH
IDIR RÍOCHT NA BEILGE, POBLACHT CHÓNAIDHME NA
GEARMÁINE,
POBLACHT NA hEASTÓINE, ÉIRE, AN PHOBLACHT
HEILLÉANACH, 10
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 15
SLÓIVÉINE,
POBLACHT NA SLÓVAICE AGUS POBLACHT NA
FIONLAINNE
6
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,
5 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
10 limistéir euro a áirithiú;
AG MEABHRÚ DÓIBH Chonclúidí na Comhairle Eorpaí maidir
le sásra cobhsaíochta Eorpach a bhunú a glacadh an 25 Márta
2011;
DE BHARR AN MÉID SEO A LEANAS:
15 (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
20 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
25 Fheidhmiú an Aontais Eorpaigh maidir le sásra cobhsaíochta le
haghaidh na mBallstát a bhfuil an euro mar airgeadra acu1 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 fíor30
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
35 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
40 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.
45 (5) An 9 Nollaig 2011, chomhaontaigh Ceannairí Stait nó Rialtais na
mBallstát a bhfuil an euro mar airgeadra acu gluaiseacht i dtreo
aontais eacnamaíoch níos láidre, lena n-áirítear comhaontú
fioscach nua agus comhordú treisithe ar bheartas eacnamaíoch
a chuirfear chun feidhme trí chomhaontú idirnáisiúnta, an
50 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
1IO L 91, 6.4.2011, lch. 1.
7
agus urrúnta ar an airgeadas poiblí a áirithiú, agus tabharfaidh
sé aghaidh ar an gcaoi sin ar cheann de phríomhfhoinsí na
héagobhsaíochta airgeadais. Is conarthaí comhlántacha an
Conradh seo agus CCCR i dtaca leis an bhfreagracht fhioscach
agus an dlúthpháirtíocht laistigh den aontas eacnamaíoch agus 5
airgeadaíochta a chothú. Admhaítear agus comhaontaítear go
mbeidh deonú cúnaimh airgeadais faoi chreat chláir nua faoi
SCE teagmhasach, amhail ar an 1 Márta 2013, ar an gComhalta
de SCE lena mbaineann do dhaingniú CCCR agus, ar dhul in
éag don tréimhse trasuite dá dtagraítear in Airteagal 3(2) 10
CCCR, ar chomhlíonadh cheanglais an airteagail sin.
(6) I bhfianaise an idirghaoil láidir atá ann laistigh den limistéar euro,
d’fhéadfadh priacail mhóra do chobhsaíocht airgeadais
Bhallstáit a bhfuil an euro mar airgeadra acu cobhsaíocht
airgeadais an limistéir euro ina iomláine a chur i bpriacal. 15
Féadfaidh SCE, dá bhrí sin, tacaíocht chobhsaíochta a sholáthar
ar bhonn coinníollachta doichte, a bheidh cuí don ionstraim
cúnaimh airgeadais a roghnófar, má tá sé sin fíor-riachtanach
chun cobhsaíocht airgeadais an limistéir euro ina iomláine agus
a Bhallstát a choimirciú. Tá uasmhéid na hiasachtóireachta is 20
féidir a sholáthar i dtosach ó SCE socraithe ag EUR 500 000
milliún, lena n-áirítear an tacaíocht chobhsaíochta SCE atá fós
gan aisíoc. Déanfar leordhóthanacht uasmhéid comhdhlúite
iasachtóireachta SCE agus SaorCAE a athmheasúnú, áfach, sula
dtiocfaidh an Conradh seo i bhfeidhm. Más cuí, déanfaidh Bord 25
Rialtóirí SCE é a mhéadú, i gcomhréir le hAirteagal 10, ar
theacht i bhfeidhm an Chonartha seo.
(7) Tiocfaidh gach Ballstát den limistéar euro chun bheith ina
Chomhalta de SCE. Mar thoradh ar chomhaltas den limistéar
euro a fháil, ba cheart go dtiocfadh Ballstát den Aontas Eorpach 30
chun bheith ina Chomhalta de SCE, agus na cearta iomlána agus
na hoibleagáidí iomlána aige, i gcomhréir le cearta agus le
hoibleagáidí na bPáirtithe Conarthacha.
(8) Comhoibreoidh SCE go dlúth leis an gCiste Airgeadaíochta
Idirnáisiúnta (“CAI”) le linn tacaíocht chobhsaíochta a 35
sholáthar. Féachfar le rannpháirtíocht ghníomhach CAI a fháil,
ar an leibhéal teicniúil agus ar leibhéal an airgeadais. Maidir le
haon Bhallstát den limistéar euro a iarrfaidh cúnamh airgeadais
ar SCE, beifear ag súil go ndéanfaidh sé, i ngach cás gur féidir,
iarraidh chomhchosúil a dhíriú chuig CAI. 40
(9) Maidir le Ballstáit an Aontais Eorpaigh nach bhfuil an euro mar
airgeadra acu (“Ballstáit nach den limistéar euro”) a ghlacfaidh
páirt ar bhonn ad hoc i gcomhar le SCE in oibríocht tacaíochta
cobhsaíochta do Bhallstáit de chuid an limistéir euro, iarrfar
orthu freastal, i gcáil breathnóirí, ar chruinnithe SCE nuair a 45
phléifear an tacaíocht chobhsaíochta sin agus an faireachán a
dhéanfar uirthi. Beidh rochtain acu ar an bhfaisnéis uile ar
mhodh tráthúil agus rachfar i gcomhairle leo go cuí.
(10) An 20 Meitheamh 2011, thug ionadaithe Rialtais Bhallstáit an
Aontais Eorpaigh údarú do na páirtithe is Páirtithe Conarthacha 50
sa Chonradh seo a iarraidh ar an gCoimisiún Eorpach agus ar
an mBanc Ceannais Eorpach (“BCE”) na cúraimí dá
bhforáiltear sa Chonradh seo a fheidhmiú.
8
(11) Sa ráiteas uaidh an 28 Samhain 2010, dhearbhaigh an Grúpa
Euro go ndéanfar clásail chomhghníomhaíochta (“CCGanna”)
a bheidh caighdeánaithe agus comhionann a áireamh i dtéarmaí
agus i gcoinníollacha bhannaí rialtais nua uile an limistéir euro,
5 ionas go ndéanfar leachtacht an mhargaidh a chaomhnú. Faoi
mar a d’iarr an Chomhairle Eorpach an 25 Márta 2011, rinne an
Coiste Sóisialta agus Eacnamaíoch na socruithe dlíthiúla
mionsonraithe lena n-áireofar CCGanna in urrúis rialtais an
limistéir euro a thabhairt chun críche.
10 (12) I gcomhréir le cleachtas CAI agus i gcásanna eisceachtúla,
déanfar foirm rannpháirtíochta leordhóthanaí agus comhréirí ag
an earnáil phríobháideach a bhreithniú i gcásanna ina ndéantar
tacaíocht chobhsaíochta a sholáthar agus coinníollacht ag
gabháil ina teannta i bhfoirm cláir coigeartuithe
15 maicreacnamaíocha.
(13) Fearacht CAI, soláthróidh SCE tacaíocht chobhsaíochta do
Chomhalta de SCE nuair nach mbeidh gnáthrochtain rialta aige
ar mhaoiniú margaidh nó nuair atá priacal ann go dtarlóidh sin.
I bhfianaise an méid sin, dúirt na Ceannairí Stáit nó Rialtais go
20 mbeidh stádas mar chreidiúnaí tosaíochta ag iasachtaí SCE ar
bhealach atá comhchosúil leis an mbealach ina bhfuil an stádas
sin ag iasachtaí CAI, ach glacann siad leis freisin go mbeidh
stádas mar chreidiúnaí tosaíochta ag CAI ar SCE. Beidh
éifeacht leis an stádas sin amhail ar an dáta a thiocfaidh an
25 Conradh seo i bhfeidhm. I gcás ina mbeidh cúnamh airgeadais
SCE i bhfoirm iasachtaí SCE ann tar éis cláir cúnaimh airgeadais
atá ann tráth sínithe an Chonartha seo, beidh ag SCE an
tsinsearacht chéanna a bheidh ag iasachtaí agus oibleagáidí uile
eile an Chomhalta de SCE is tairbhí, seachas iasachtaí CAI.
30 (14) Taco´ idh Ballsta´it an limiste´ir euro le deonu´ sta´dais chomhionainn
mar chreidiu´naı´ do SCE agus do Sta´it eile a thabharfaidh iasachtaı´
de´thaobhacha i gcomhar le SCE.
(15) Maidir le coinníollacha iasachtóireachta SCE le haghaidh
Ballstát atá faoi réir cláir coigeartuithe maicreacnamaíocha, lena
35 n-áirítear iad sin dá dtagraítear in Airteagal 40 den Chonradh
seo, déanfaidh siad costais maoinithe agus oibriúcháin SCE a
chumhdach agus ba cheart go mbeidís comhsheasmhach le
coinníollacha iasachtóireachta na gComhaontuithe Saoráide
Cúnaimh Airgeadais arna síniú idir SaorCAE, Éire agus Banc
40 Ceannais na hÉireann de pháirt agus SaorCAE, Poblacht na
Portaingéile agus Banco de Portugal den pháirt eile.
(16) Ba cheart díospóidí a eascróidh idir na Páirtithe Conarthacha
nó idir na Páirtithe Conarthacha agus SCE maidir le léiriú agus
cur i bhfeidhm an Chonartha seo a chur faoi bhráid dhlínse
45 Chúirt Bhreithiúnais an Aontais Eorpaigh, i gcomhréir le
hAirteagal 273 den Chonradh ar Fheidhmiú an Aontais
Eorpaigh (“CFAE”).
(17) Déanfaidh an Coimisiún Eorpach agus Comhairle an Aontais
Eorpaigh faireachas iarchláir faoi chuimsiú an chreata a leagtar
50 síos in Airteagal 121 agus Airteagal 136 CFAE,
9
TAR ÉIS COMHAONTÚ MAR A LEANAS:
CAIBIDIL 1
COMHALTAS AGUS CUSPÓIR
AIRTEAGAL 1
Bunú agus comhaltaí 5
1. Leis an gConradh seo, déanann na Páirtithe Conarthacha institiúid
idirnáisiúnta airgeadais, ar a dtabharfar “an Sásra Cobhsaíochta
Eorpach” (“SCE”), a bhunú eatarthu féin.
2. Is Comhaltaí de SCE na Páirtithe Conarthacha.
AIRTEAGAL 2 10
Comhaltaí nua
1. Beidh comhaltas de SCE ar oscailt do na Ballstáit eile den Aontas
Eorpach ón tráth a thiocfaidh an cinneadh ó Chomhairle an Aontais
Eorpaigh, arna ghlacadh i gcomhréir le hAirteagal 140(2) CFAE, i
bhfeidhm, ar cinneadh é lena n-aisghairtear an maolú atá ag na 15
Ballstáit sin gan an euro a ghlacadh.
2. Maidir le Comhaltaí nua de SCE, ligfear isteach iad faoi na téarmaí
agus na coinníollacha céanna atá ag Comhaltaí reatha de SCE, i
gcomhréir le hAirteagal 44.
3. Gheobhaidh Comhalta nua a aontaíonn do SCE tar éis a 20
bhunaithe scaireanna in SCE mar mhalairt ar a ranníoc caipitiúil,
arna ríomh i gcomhréir leis an treoir ranníoca dá bhforáiltear in
Airteagal 11.
AIRTEAGAL 3
Cuspóir 25
Is é is cuspóir do SCE cistiú a shlógadh agus tacaíocht chobhsaíochta
a sholáthar, faoi choinníollacht dhocht, a bheidh cuí don ionstraim
cúnaimh airgeadais a roghnófar, chun leasa Comhaltaí de SCE a
bhfuil deacrachtaí móra maoinithe acu nó a bhfuil deacrachtaí móra
maoinithe ag bagairt orthu, má tá na nithe sin fíor-riachtanach chun 30
cobhsaíocht airgeadais an limistéir euro ina iomláine agus a Bhallstát
a choimirciú. Chun na críche sin, beidh SCE i dteideal cistí a thiomsú
trí ionstraimí airgeadais a eisiúint nó trí theacht ar chomhaontuithe
nó ar shocruithe airgeadais nó eile le Comhaltaí de SCE, le
hinstitiúidí airgeadais nó le tríú páirtithe eile. 35
CAIBIDIL 2
RIALACHAS
AIRTEAGAL 4
Struchtúr agus rialacha vótála
1. Beidh Bord Rialtóirí agus Bord Stiúrthóirí, maille le Stiúrthóir 40
Bainistíochta agus foireann eile dá chuid féin ag SCE de réir mar a
mheasfar is gá.
10
2. Déanfar cinntí an Bhoird Rialtóirí agus an Bhoird Stiúrthóirí de
thoil a chéile, trí thromlach cáilithe nó trí thromlach simplí, mar a
shonraítear sa Chonradh seo. Maidir leis na cinntí uile a dhéanfar,
ní mór córam 2/3 de na comhaltaí a bhfuil cearta vótála acu, atá in
5 ionannas do 2/3 ar a laghad de na cearta vótála, a bheith i láthair.
3. Chun cinneadh de thoil a chéile a ghlacadh, is gá aontoilíocht na
gcomhaltaí a ghlacfaidh páirt sa vóta. Ní chuirfidh staonadh ó vótáil
bac ar chinneadh a ghlacadh de thoil a chéile.
4. De mhaolú ar mhír 3, déanfar nós imeachta vótála éigeandála a
10 úsáid i gcásanna ina dtagann an Coimisiún Eorpach agus BCE araon
ar an tátal go mbeadh bagairt ann ar inmharthanacht eacnamaíoch
agus airgeadais an limistéir euro má mhainnítear cinneadh a
ghlacadh go práinneach chun cúnamh airgeadais, arna shainmhíniú
in Airteagail 13 go 18, a dheonú nó a chur chun feidhme. Is gá
15 tromlach cáilithe 85% de na vótaí a caitheadh le go bhféadfaidh an
Bord Rialtóirí agus an Bord Stiúrthóirí cinneadh dá dtagraítear i
bpointí (f) agus (g) d’Airteagal 5(6) a ghlacadh de thoil a chéile faoin
nós imeachta éigeandála sin.
I gcás ina n-úsáidtear an nós imeachta éigeandála dá dtagraítear sa
20 chéad fhomhír, déantar aistriú ón gcúlchiste agus/nó ón gcaipiteal
íoctha chuig cúlchiste éigeandála chun maolán tiomanta a chruthú
chun na priacail a eascraíonn as an tacaíocht airgeadais a dheonaítear
faoin nós imeachta éigeandála sin a chumhdach. Féadfaidh an Bord
Rialtóirí a chinneadh an cúlchiste éigeandála a chealú agus a bhfuil
25 ann a aistriú ar ais chuig an gcúlchiste agus/nó chuig an gcaipiteal
íoctha.
5. Chun cinneadh a ghlacadh trí thromlach cáilithe, is gá ochtó faoin
gcéad (80%) de na vótaí a caitheadh.
6. Chun cinneadh a ghlacadh trí thromlach simplí, is gá tromlach na
30 vótaí a caitheadh.
7. Beidh cearta vótála gach Comhalta de SCE, mar a fheidhmeoidh
a cheapaí nó ionadaí an cheapaí ar an mBord Rialtóirí nó ar an
mBord Stiúrthóirí iad, cothrom le líon na scaireanna a leithroinneadh
ar an gComhalta sin i stoc caipitiúil údaraithe SCE mar a leagtar
35 amach in Iarscríbhinn II.
8. Má mhainníonn aon Chomhalta de SCE aon chuid den mhéid atá
dlite maidir lena oibleagáidí a íoc i ndáil leis na scaireanna íoctha nó
na glaonna caipitil faoi Airteagal 8, Airteagal 9 agus Airteagal 10,
nó i ndáil le haisíoc an chúnaimh airgeadais faoi Airteagal 16 nó
40 Airteagal 17, ní bheidh sé de chead ag an gComhalta sin aon chearta
vótála dá chuid a fheidhmiú fad a mhairfidh an mhainneachtain sin.
Déanfar na tairseacha vótála a athríomh dá réir sin.
AIRTEAGAL 5
An Bord Rialtóirí
45 1. Ceapfaidh gach Comhalta de SCE Rialtóir agus Rialtóir
malartach. Beidh na ceapacháin sin in-chúlghairthe tráth ar bith. Is
comhalta de rialtas an Chomhalta sin de SCE atá freagrach as
airgeadas a bheidh ina Rialtóir. Beidh lánchumhacht ag an Rialtóir
malartach gníomhú thar ceann an Rialtóra nuair nach bhfuil an
50 Rialtóir i láthair.
2. Déanfaidh an Bord Rialtóirí cinneadh i dtaobh an rachaidh
Uachtarán an Ghrúpa Euro, dá dtagraítear i bPrótacal (Uimh. 14)
11
maidir leis an nGrúpa Euro atá i gceangal leis an gConradh ar an
Aontas Eorpach agus le CFAE, i gceannas air nó an dtoghfaidh an
Bord Rialtóirí Cathaoirleach agus Leaschathaoirleach as measc a
chuid comhaltaí le haghaidh téarma dhá bhliain. Féadfar an
Cathaoirleach agus an Leaschathaoirleach a atoghadh. Eagrófar 5
toghchán nua gan mhoill mura bhfuil an fheidhm is gá le haghaidh
ainmniúcháin mar Rialtóir ag an sealbhóir oifige a thuilleadh.
3. Féadfaidh an Comhalta den Choimisiún Eorpach atá i bhfeighil
gnóthaí eacnamaíocha agus airgeadaíochta agus Uachtarán BCE,
mar aon le hUachtarán an Ghrúpa Euro (murab é nó í an 10
Cathaoirleach agus mura Rialtóir é nó í), páirt a ghlacadh i
gcruinnithe an Bhoird Rialtóirí i gcáil breathnóirí.
4. Maidir le hionadaithe Ballstát nach den limistéar euro a ghlacfaidh
páirt ar bhonn ad hoc i gcomhar le SCE in oibríocht tacaíochta
cobhsaíochta do Bhallstát den limistéar euro, iarrfar orthu freisin 15
páirt a ghlacadh, i gcáil breathnóirí, i gcruinnithe an Bhoird Rialtóirí
nuair a phléifear an tacaíocht chobhsaíochta sin agus an faireachán
a dhéanfar uirthi.
5. Féadfaidh an Bord Rialtóirí a iarraidh ar dhaoine eile, lena náirítear
ionadaithe de chuid institiúidí nó eagraíochtaí, amhail CAI, 20
freastal, i gcáil breathnóirí, ar chruinnithe ar bhonn ad hoc.
6. Déanfaidh an Bord Rialtóirí na cinntí seo a leanas de thoil a chéile:
(a) an cúlchiste éigeandála a chealú agus a bhfuil ann a aistriú ar ais
chuig an gcúlchiste agus/nó chuig an gcaipiteal íoctha, i
gcomhréir le hAirteagal 4(4); 25
(b) scaireanna nua a eisiúint faoi théarmaí seachas téarmaí ar par, i
gcomhréir le hAirteagal 8(2);
(c) na glaonna caipitil a dhéanamh, i gcomhréir le hAirteagal 9(1);
(d) an stoc caipitiúil údaraithe a athrú agus uasmhéid na
hiasachtóireachta ó SCE a oiriúnú, i gcomhréir le hAirteagal 30
10(1);
(e) nuashonrú ionchasach ar an treoir le haghaidh shuibscríobh
chaipiteal BCE a chur i gcuntas, i gcomhréir le hAirteagal 11(3),
agus na hathruithe a bheidh le déanamh ar Iarscríbhinn I a chur
i gcuntas, i gcomhréir le hAirteagal 11(6); 35
(f) tacaíocht chobhsaíochta ó SCE a sholáthar, lena n-áirítear an
choinníollacht i dtaca le beartas eacnamaíoch arna lua sa
mheabhrán tuisceana dá dtagraítear in Airteagal 13(3), agus an
rogha ionstraimí agus na téarmaí airgeadais agus na
coinníollacha a bhunú, i gcomhréir le hAirteagail 12 go 18; 40
(g) sainordú a thabhairt don Choimisiún Eorpach an choinníollacht
i dtaca le beartas eacnamaíoch a bheidh ag gabháil le gach
cúnamh airgeadais i gcomhréir le hAirteagal 13(3), a chaibidil, i
gcuibhreann le BCE;
(h) an beartas praghsála agus an treoirlíne praghsála le haghaidh 45
cúnaimh airgeadais a athrú, i gcomhréir le hAirteagal 20;
(i) liosta na n-ionstraimí cúnaimh airgeadais a fhéadfaidh SCE a
úsáid a athrú, i gcomhréir le hAirteagal 19;
12
(j) na módúlachtaí a bhunú maidir le haistriú na tacaíochta ó
SaorCAE go dtí SCE, i gcomhréir le hAirteagal 40;
(k) an t-iarratas ar chomhaltas de SCE ag comhaltaí nua, dá
dtagraítear in Airteagal 44, a fhormheas;
5 (l) oiriúnuithe a dhéanamh ar an gConradh seo de thoradh díreach
ar aontachas comhaltaí nua, lena n-áirítear athruithe a bheidh
le déanamh ar dháileadh an chaipitil ar Chomhaltaí SCE agus
dáileadh den sórt sin a ríomh de thoradh díreach ar aontachas
comhalta nua do SCE, i gcomhréir le hAirteagal 44; agus
10 (m) na cúraimí a liostaítear san Airteagal seo a tharmligean chuig an
mBord Stiúrthóirí.
7. Déanfaidh an Bord Rialtóirí na cinntí seo a leanas trí thromlach
cáilithe:
(a) téarmaí teicniúla agus mionsonraithe aontachais comhalta nua le
15 SCE a leagan amach, i gcomhréir le hAirteagal 44;
(b) cinneadh i dtaobh Uachtarán an Ghrúpa Euro do dhul i gceannas
air nó Cathaoirleach agus Leaschathaoirleach an Bhoird
Rialtóirí a thoghadh, trí thromlach cáilithe, i gcomhréir le mír 2;
(c) fodhlíthe SCE agus na rialacha nóis imeachta is infheidhme
20 maidir leis an mBord Rialtóirí agus leis an mBord Stiúrthóirí
(lena n-áirítear an ceart chun coistí agus fochomhlachtaí a
bhunú) a leagan amach, i gcomhréir le mír 9;
(d) liosta na ngníomhaíochtaí atá ar neamhréir le dualgais Stiúrthóra
nó Stiúrthóra mhalartaigh a chinneadh, i gcomhréir le
25 hAirteagal 6(8);
(e) an Stiúrthóir Bainistíochta a cheapadh agus deireadh a chur le
téarma oifige an Stiúrthóra Bainistíochta, i gcomhréir le
hAirteagal 7;
(f) cistí eile a bhunú, i gcomhréir le hAirteagal 24;
30 (g) na gníomhaíochtaí a dhéanfar chun fiach a ghnóthú ó Chomhalta
de SCE, i gcomhréir le hAirteagal 25(2) agus (3);
(h) cuntais bhliantúla SCE a fhormheas, i gcomhréir le hAirteagal
27(1);
(i) comhaltaí an Bhoird Iniúchóirí a cheapadh, i gcomhréir le
35 hAirteagal 30(1);
(j) na hiniúchóirí seachtracha a fhormheas, i gcomhréir le
hAirteagal 29;
(k) an díolúine atá ag Cathaoirleach an Bhoird Rialtóirí, ag Rialtóir,
ag Rialtóir malartach, ag Stiúrthóir, ag Stiúrthóir malartach nó
40 ag an Stiúrthóir Bainistíochta a tharscaoileadh, i gcomhréir le
hAirteagal 35(2);
(l) an córas cánachais is infheidhme maidir le foireann SCE a
chinneadh, i gcomhréir le hAirteagal 36(5);
(m) díospóid, i gcomhréir le hAirteagal 37(2); agus
13
(n) aon chinneadh eile is gá agus nach bhforáiltear dó go sainráite
leis an gConradh seo.
8. Is é nó is í an Cathaoirleach a chomórfaidh cruinnithe an Bhoird
Rialtóirí agus a bheidh i gceannas ar na cruinnithe sin. Beidh an
Leaschathaoirleach i gceannas ar na cruinnithe sin aon uair nach 5
mbeidh an Cathaoirleach in ann páirt a ghlacadh iontu.
9. Déanfaidh an Bord Rialtóirí a rialacha nóis imeachta agus
fodhlíthe SCE a ghlacadh.
AIRTEAGAL 6
An Bord Stiúrthóirí 10
1. Ceapfaidh gach Rialtóir Stiúrthóir amháin agus Stiúrthóir
malartach amháin as measc daoine a bhfuil ard-inniúlacht acu i
gcúrsaí eacnamaíocha agus airgeadais. Is ceapacháin a bheidh inchúlghairthe
tráth ar bith na ceapacháin sin. Beidh lánchumhacht ag
na Stiúrthóirí malartacha gníomhú thar ceann an Stiúrthóra nuair 15
nach bhfuil an Stiúrthóir i láthair.
2. Féadfaidh an Comhalta den Choimisiún Eorpach atá i bhfeighil
gnóthaí eacnamaíocha agus airgeadaíochta agus Uachtarán BCE
breathnóir amháin an duine a cheapadh.
3. Maidir le hionadaithe Ballstát nach den limistéar euro a ghlacfaidh 20
páirt ar bhonn ad hoc i gcomhar le SCE in oibríocht cúnaimh
airgeadais le haghaidh Ballstáit den limistéar euro, iarrfar orthu
freisin páirt a ghlacadh, i gcáil breathnóirí, i gcruinnithe an Bhoird
Rialtóirí nuair a phléifear an cúnamh airgeadais sin agus an
faireachán a dhéanfar air. 25
4. Féadfaidh an Bord Rialtóirí a iarraidh ar dhaoine eile, lena náirítear
ionadaithe de chuid institiúidí nó eagraíochtaí, freastal, i gcáil
breathnóirí, ar chruinnithe ar bhonn ad hoc.
5. Is trí thromlach cáilithe a dhéanfaidh an Bord Stiúrthóirí cinntí,
mura ndeirtear a mhalairt sa Chonradh seo. Maidir le cinntí a 30
ghlacfar ar bhonn cumhachtaí arna dtarmligean ag an mBord
Rialtóirí, is i gcomhréir leis na rialacha vótála iomchuí a leagtar
amach in Airteagal 5(6) agus (7) a ghlacfar iad.
6. Gan dochar do chumhachtaí an Bhoird Rialtóirí mar atá leagtha
amach in Airteagal 5, áiritheoidh an Bord Stiúrthóirí go ndéanfar 35
SCE a reáchtáil i gcomhréir leis an gConradh seo agus le fodhlíthe
SCE, arna nglacadh ag an mBord Rialtóirí. Déanfaidh an Bord cinntí
de réir mar a fhoráiltear sa Chonradh seo nó cinntí a bheidh
tarmligthe chuige ag an mBord Rialtóirí.
7. Déanfar aon fholúntas ar an mBord Stiúrthóirí a líonadh 40
láithreach i gcomhréir le mír 1.
8. Leagfaidh an Bord Rialtóirí síos na gníomhaíochtaí sin atá ar
neamhréir le dualgais Stiúrthóra nó Stiúrthóra mhalartaigh, agus
leagfaidh sé síos freisin fodhlíthe SCE agus rialacha nóis imeachta
an Bhoird Stiúrthóirí. 45
14
AIRTEAGAL 7
An Stiúrthóir Bainistíochta
1. Ceapfaidh an Bord Rialtóirí an Stiúrthóir Bainistíochta as measc
iarrthóirí ag a bhfuil náisiúntacht Comhalta de SCE, taithí iomchuí
idirnáisiúnta 5 agus ardleibhéal inniúlachta i gcúrsaí eacnamaíocha
agus airgeadais. Fad a shealbhóidh an Stiúrthóir Bainistíochta oifig,
ní ceadmhach dó nó di a bheith ina Rialtóir ná ina Stiúrthóir ná ina
mhalartach nó ina malartach do cheachtar díobh.
2. Cúig bliana a bheidh i dtéarma oifige an Stiúrthóra Bainistíochta.
10 Féadfar é nó í a athcheapadh uair amháin. Scoirfidh an Stiúrthóir
Bainistíochta dá oifig nó dá hoifig a shealbhú, áfach, nuair a
chinnfidh an Bord Rialtóirí amhlaidh.
3. Is é nó is í an Stiúrthóir Bainistíochta a bheidh i gceannas ar
chruinnithe an Bhoird Stiúrthóirí agus glacfaidh sé nó sí páirt i
15 gcruinnithe an Bhoird Rialtóirí.
4. Is é nó is í an Stiúrthóir Bainistíochta a bheidh ina cheann nó ina
ceann ar fhoireann SCE. Beidh sé nó sí freagrach as foireann a eagrú,
a cheapadh agus a dhífhostú i gcomhréir le rialacha foirne a
ghlacfaidh an Bord Stiúrthóirí.
20 5. Is é nó is í an Stiúrthóir Bainistíochta ionadaí dlíthiúil SCE agus
seolfaidh sé nó sí, faoi stiúir an Bhoird Stiúrthóirí, gnó reatha SCE.
CAIBIDIL 3
CAIPITEAL
AIRTEAGAL 8
25 Stoc caipitiúil údaraithe
1. Is é EUR 700 000 milliún a bheidh sa stoc caipitiúil údaraithe.
Roinnfear é i seacht milliún scair a mbeidh luach ainmniúil EUR 100
000 an ceann orthu agus a bhféadfar a shuibscríobh de réir na
treorach ranníoca tosaigh dá bhforáiltear in Airteagal 11 agus a
30 ríomhtar in Iarscríbhinn I.
2. Roinnfear an stoc caipitiúil údaraithe i scaireanna íoctha agus i
scaireanna inghlaoite. EUR 80 000 milliún a bheidh i luach ainmniúil
comhiomlán tosaigh iomlán na scaireanna íoctha. Déanfar scaireanna
stoic chaipitiúil údaraithe a suibscríobhadh i dtosach a eisiúint ar par.
35 Eiseofar scaireanna eile ar par, mura rud é go gcinnfidh an Bord
Rialtóirí iad a eisiúint faoi théarmaí eile in imthosca speisialta.
3. Ní chuirfear scaireanna stoic chaipitiúil údaraithe faoi eire ná i
ngeall ar shlí ar bith ná ní bheidh siad inaistrithe, cé is moite
d’aistrithe ar mhaithe le coigeartuithe ar an treoir ranníoca dá
40 bhforáiltear in Airteagal 11 a chur chun feidhme a mhéid is gá lena
áirithiú go bhfreagraíonn dáileadh na scaireanna don treoir
choigeartaithe.
4. Gabhann Comhaltaí SCE orthu féin leis seo, go neamhinchúlghairthe
agus gan choinníoll, a ranníoc leis an stoc caipitiúil
45 údaraithe a sholáthar i gcomhréir lena dtreoir ranníoca in
Iarscríbhinn I. Freastalóidh siad go tráthúil do na glaonna caipitiúla
uile i gcomhréir leis na téarmaí a leagtar amach sa Chonradh seo.
15
5. Beidh dliteanas gach Comhalta de SCE teoranta, i ngach aon chás,
dá sciar den stoc caipitiúil údaraithe ar a phraghas eisiúna. Ní bheidh
aon Chomhalta de SCE faoi dhliteanas, de bhíthin a chomhaltais,
i leith oibleagáidí de chuid SCE. Ní dhéanfar difear d’oibleagáidí
Comhaltaí de SCE ranníoc a dhéanamh leis an stoc caipitiúil 5
údaraithe i gcomhréir leis an gConradh seo más rud é go dtiocfaidh
aon Chomhalta den sórt sin chun bheith cáilithe chun cúnamh
airgeadais a fháil ó SCE, nó más rud é go bhfuil cúnamh airgeadais
á fháil aige ó SCE.
AIRTEAGAL 9 10
Glaonna caipitil
1. Féadfaidh an Bord Rialtóirí caipiteal údaraithe neamhíoctha a
ghlaoch tráth ar bith agus tréimhse chuí a shocrú chun go n-íocfaidh
Comhaltaí SCE é.
2. Féadfaidh an Bord Stiúrthóirí caipiteal údaraithe neamhíoctha a 15
ghlaoch trí chinneadh tromlaigh shimplí chun leibhéal an chaipitil
íoctha a aisiriú má thagann laghdú, trí chaillteanais a iompar, ar
mhéid an chaipitil íoctha faoi bhun an leibhéil a bhunaítear in
Airteagal 8(2), ar leibhéal é a bhféadfaidh an Bord Rialtóirí é a leasú
de réir an nóis imeachta dá bhforáiltear in Airteagal 10, agus 20
tréimhse chuí a shocrú chun go n-íocfaidh Comhaltaí SCE é.
3. Déanfaidh an Stiúrthóir Bainistíochta caipiteal údaraithe
neamhíoctha a ghlaoch go tráthúil más gá sin chun go seachnóidh
SCE mainneachtain ag SCE i leith aon oibleagáide íocaíochta
sceidealta nó oibleagáide íocaíochta eile atá dlite do chreidiúnaithe 25
SCE. Cuirfidh an Stiúrthóir Bainistíochta an Bord Stiúrthóirí agus
an Bord Rialtóirí ar an eolas maidir le haon ghlaoch den sórt sin.
Nuair a bhraitear go bhféadfadh gannchion a bheith ann i gcistí SCE,
déanfaidh an Stiúrthóir Bainistíochta an glaoch nó na glaonna sin ar
chaipiteal a luaithe is féidir chun a áirithiú go mbeidh a dhóthain 30
cistí ag SCE chun freastal d’íocaíochtaí atá dlite do chreidiúnaithe
ina n-iomláine ar a ndáta dlite. Gabhann Comhaltaí SCE orthu féin
leis seo, go neamh-inchúlghairthe agus gan choinníoll, aon ghlaoch
ar chaipiteal a dhéanfaidh an Stiúrthóir Bainistíochta orthu a íoc ar
éileamh a fháil de bhun na míre seo, ar éileamh é atá le híoc laistigh 35
de sheacht lá ón tráth a gheofar é.
4. Glacfaidh an Bord Stiúrthóirí na téarmaí agus na coinníollacha
mionsonraithe a mbeidh feidhm leo maidir le glaonna ar chaipiteal
de bhun an Airteagail seo.
AIRTEAGAL 10 40
Athruithe ar an stoc caipitiúil údaraithe
1. Déanfaidh an Bord Rialtóirí uasmhéid na hiasachtóireachta ó SCE
agus leordhóthanacht stoc caipitiúil údaraithe SCE a athbhreithniú
go rialta agus gach cúig bliana ar a laghad. Féadfaidh sé a chinneadh
an stoc caipitiúil údaraithe a athrú agus Airteagal 8 agus Iarscríbhinn 45
II a leasú dá réir. Tiocfaidh an cinneadh sin i bhfeidhm a luaithe a
bheidh fógra tugtha ag Comhaltaí SCE don Taiscí á rá go bhfuil a
nósanna imeachta náisiúnta is infheidhme tugtha i gcrích. Déanfar
na scaireanna nua a leithroinnt ar Chomhaltaí SCE i gcomhréir leis
an treoir ranníoca dá bhforáiltear in Airteagal 11 agus in 50
Iarscríbhinn I.
16
2. Glacfaidh an Bord Stiúrthóirí na téarmaí agus na coinníollacha
mionsonraithe a mbeidh feidhm leo maidir leis na hathruithe uile ar
chaipiteal nó le haon athruithe ar chaipiteal a dhéanfar faoi mhír 1.
3. Tráth a thiocfaidh Ballstát den Aontas Eorpach chun bheith ina
5 Chomhalta nua de SCE, déanfar stoc caipitiúil údaraithe SCE a
mhéadú sa ghnáthchúrsa trí na méideanna faoi seach a bhí i réim an
tráth sin a iolrú faoin gcóimheas, laistigh den treoir ranníoca
choigeartaithe dá bhforáiltear in Airteagal 11, idir ualú an
Chomhalta nua de SCE agus ualú na gComhaltaí láithreacha de SCE.
10 AIRTEAGAL 11
Treoir ranníoca
1. Faoi réir mhír 2 agus mhír 3, déanfar an treoir ranníoca le
haghaidh shuibscríobh stoc caipitiúil údaraithe SCE a bhunú ar an
treoir le haghaidh shuibscríobh chaipiteal BCE ag bainc cheannais
15 náisiúnta Chomhaltaí SCE de bhun Airteagal 29 de Phrótacal
(Uimh.4) maidir le Reacht an Chórais Eorpaigh Banc Ceannais agus
an Bhainc Ceannais Eorpaigh (“Reacht CEBC”) atá i gceangal leis
an gConradh ar an Aontas Eorpach agus CFAE.
2. Tá an treoir ranníoca le haghaidh shuibscríobh stoc caipitiúil
20 údaraithe SCE sonraithe in Iarscríbhinn I.
3. Déanfar an treoir ranníoca le haghaidh shuibscríobh stoc caipitiúil
údaraithe SCE a choigeartú:
a) nuair a thagann Ballstát den Aontas Eorpach chun bheith ina
Chomhalta nua de SCE agus nuair a thagann méadú sa
25 ghnáthchúrsa ar stoc caipitiúil údaraithe SCE, mar a shonraítear
in Airteagal 10(3); nó
b) nuair a thagann deireadh leis an gceartú sealadach dhá bhliain
déag is infheidhme maidir le Comhalta de SCE agus a bunaíodh
i gcomhréir le hAirteagal 42.
30 4. Féadfaidh an Bord Rialtóirí a chinneadh nuashonruithe
ionchasacha ar an treoir le haghaidh shuibscríobh chaipiteal BCE dá
dtagraítear i mír 1 a chur i gcuntas nuair a dhéantar an treoir
ranníoca a choigeartú i gcomhréir le mír 3 nó nuair a thagann athrú
ar an stoc caipitiúil údaraithe, mar a shonraítear in Airteagal 10(1).
35 5. Nuair a dhéantar an treoir ranníoca le haghaidh shuibscríobh stoic
chaipitiúil údaraithe SCE a choigeartú, aistreoidh Comhaltaí SCE
stoc caipitiúil údaraithe eatarthu féin a mhéid is gá chun a áirithiú
go bhfreagraíonn dáileadh an stoic chaipitiúil údaraithe don treoir
choigeartaithe.
40 6. Déanfar Iarscríbhinn I a leasú ar chinneadh ón mBord Rialtóirí
maidir le haon choigeartú dá dtagraítear san Airteagal seo.
7. Déanfaidh an Bord Stiúrthóirí gach beart eile is gá chun an
tAirteagal seo a chur i bhfeidhm.
17
CAIBIDIL 4
OIBRÍOCHTAÍ
AIRTEAGAL 12
Prionsabail
1. Más rud é go bhfuil sé sin fíor-riachtanach chun cobhsaíocht 5
airgeadais an limistéir euro ina iomláine agus a Bhallstát a
choimirciú, féadfaidh SCE tacaíocht chobhsaíochta a sholáthar do
Chomhalta de SCE, faoi réir coinníollachta doichte, a bheidh cuí don
ionstraim cúnaimh airgeadais a roghnófar. Féadfaidh coinníollacht
den sórt sin a bheith sa réimse idir clár coigeartuithe 10
maicreacnamaíocha agus urramú leanúnach coinníollacha
incháilitheachta réamhbhunaithe.
2. Gan dochar d’Airteagal 19, féadfar tacaíocht chobhsaíochta SCE
a dheonú trí na hionstraimí dá bhforáiltear in Airteagail 14 go 18.
3. Déanfar, amhail ar an 1 Eanáir 2013, clásail chomhghníomhaíochta 15
a áireamh in urrúis rialtais nua uile an limistéir euro, a ngabhfaidh
aibíocht níos faide ná bliain amháin leo, ar bhealach lena n-áirithítear
gur toradh dlí comhionann a bheidh ag na clásail sin.
AIRTEAGAL 13
Nós imeachta chun tacaíocht chobhsaíochta a dheonú 20
1. Féadfaidh Comhalta de SCE iarraidh ar thacaíocht chobhsaíochta
a dhíriú chuig Cathaoirleach an Bhoird Rialtóirí. Léireofar san
iarraidh sin an ionstraim nó na hionstraimí cúnaimh airgeadais a
bheidh le breithniú. Ar iarraidh den sórt sin a fháil, cuirfidh
Cathaoirleach an Bhoird Rialtóirí de chúram ar an gCoimisiún 25
Eorpach, i gcuibhreann le BCE:
(a) measúnú a dhéanamh i dtaobh an bhfuil priacal ann do
chobhsaíocht airgeadais an limistéir euro ina iomláine nó a
Bhallstát, mura bhfuil anailís curtha isteach cheana ag BCE faoi
Airteagal 18; 30
(b) measúnú a dhéanamh i dtaobh an bhfuil an fiachas poiblí
inbhuanaithe. I ngach cás inar cuí agus inar féidir, beifear ag súil
go ndéanfar measúnú den sórt sin in éineacht le CAI;
(c) measúnú a dhéanamh ar riachtanais airgeadais iarbhír nó
ionchasacha an Chomhalta de SCE lena mbaineann. 35
2. Ar bhonn iarraidh an Chomhalta de SCE agus an mheasúnaithe dá
dtagraítear i mír 1, féadfaidh an Bord Rialtóirí a chinneadh tacaíocht
chobhsaíochta a dheonú, i bprionsabal, don Chomhalta de SCE lena
mbaineann, i bhfoirm saoráide cúnaimh airgeadais.
3. Má ghlactar cinneadh de bhun mhír 2, cuirfidh an Bord Rialtóirí 40
de chúram ar an gCoimisiún Eorpach – i gcuibhreann le BCE agus,
i ngach cás inar féidir, in éineacht le CAI – meabhrán tuisceana
(“MT”) ina ndéanfar mionsonrú ar an gcoinníollacht a bheidh ag
gabháil leis an tsaoráid cúnaimh airgeadais a chaibidil leis an
gComhalta de SCE lena mbaineann. Beidh inneachar an MT ag 45
freagairt do dhéine na laigí a bhfuil aghaidh le tabhairt orthu agus
don ionstraim cúnaimh airgeadais atá roghnaithe. An tráth céanna,
ullmhóidh Stiúrthóir Bainistíochta SCE togra le haghaidh
18
comhaontú um shaoráid cúnaimh airgeadais, lena n-áireofar na
téarmaí airgeadais agus na coinníollacha, agus an rogha ionstraimí, a
bheidh le glacadh ag an mBord Rialtóirí.
Beidh an MT i gcomhréir go hiomlán le bearta comhordaithe an
5 bheartais eacnamaíoch dá bhforáiltear in CFAE, go háirithe le haon
ghníomh de reachtaíocht an Aontais Eorpaigh, lena n-áirítear aon
tuairim, aon fholáireamh, aon mholadh nó aon chinneadh a dhíreofar
chuig an gComhalta de SCE lena mbaineann.
4. Síneoidh an Coimisiún Eorpach an MT thar ceann SCE, faoi réir
10 na coinníollacha a leagtar amach i mír 3 a chomhlíonadh roimh ré
agus faoi réir a fhormheasa roimh ré ag an mBord Rialtóirí.
5. Déanfaidh an Bord Stiúrthóirí an comhaontú um shaoráid
cúnaimh airgeadais, ina dtabharfar mionsonraí i dtaobh na ngnéithe
airgeadais a bhaineann leis an tacaíocht chobhsaíochta atá le deonú
15 agus, i gcás inarb infheidhme, eisíocaíocht an chéad tráinse den
chúnamh, a fhormheas.
6. Bunóidh SCE córas foláirimh chuí chun a áirithiú go bhfaighidh
sé go tráthúil aon aisíocaíochtaí atá dlite den Chomhalta de SCE
faoin tacaíocht chobhsaíochta.
20 7. Cuirfear de chúram ar an gCoimisiún Eorpach – i gcuibhreann le
BCE agus, i ngach cás inar féidir, in éineacht le CAI – faireachán a
dhéanamh ar chomhlíonadh na coinníollachta a bheidh ag gabháil
leis an tsaoráid cúnaimh airgeadais.
AIRTEAGAL 14
25 Cúnamh airgeadais réamhchúraim SCE
1. Féadfaidh an Bord Rialtóirí a chinneadh cúnamh airgeadais
réamhchúraim a dheonú i bhfoirm líne creidmheasa faoi choinníoll
réamhchúraim nó i bhfoirm líne creidmheasa faoi choinníollacha
breisithe i gcomhréir le hAirteagal 12(1).
30 2. Déanfar an choinníollacht a bheidh ag gabháil le cúnamh
airgeadais réamhchúraim SCE a mhionsonrú san MT, i gcomhréir le
hAirteagal 13(3).
3. Sonrófar na téarmaí airgeadais agus na coinníollacha a bhaineann
le cúnamh airgeadais réamhchúraim SCE i gcomhaontú um shaoráid
35 cúnaimh airgeadais réamhchúraim a bheidh le síniú ag an Stiúrthóir
Bainistíochta.
4. Glacfaidh an Bord Stiúrthóirí na treoirlínte mionsonraithe maidir
leis na módúlachtaí chun cúnamh airgeadais réamhchúraim SCE a
chur chun feidhme.
40 5. Déanfaidh an Bord Stiúrthóirí cinneadh, de thoil a chéile, ar
thogra a fháil ón Stiúrthóir Bainistíochta agus tar éis tuarascáil a fháil
ón gCoimisiún Eorpach i gcomhréir le hAirteagal 13(7), i dtaobh an
amhlaidh ba cheart an líne chreidmheasa a choimeád.
6. Tar éis don Chomhalta de SCE cistí a tharraingt den chéad uair
45 (trí iasacht nó trí cheannach ar an mbunmhargadh), déanfaidh an
Bord Stiúrthóirí cinneadh, de thoil a chéile, ar thogra a fháil ón
Stiúrthóir Bainistíochta agus bunaithe ar mheasúnú arna dhéanamh
ag an gCoimisiún Eorpach, i gcuibhreann le BCE, i dtaobh an
amhlaidh a leanann an líne chreidmheasa de bheith leordhóthanach
50 nó i dtaobh an amhlaidh atá gá le cineál eile cúnaimh airgeadais.
19
AIRTEAGAL 15
Cúnamh airgeadais le haghaidh athchaipitliú institiúidí airgeadais
de chuid Comhalta de SCE
1. Féadfaidh an Bord Rialtóirí a chinneadh cúnamh airgeadais a
dheonú trí iasachtaí do Chomhalta de SCE go sonrach chun 5
institiúidí airgeadais an Chomhalta sin de SCE a athchaipitliú.
2. Déanfar an choinníollacht a bheidh ag gabháil le cúnamh
airgeadais le haghaidh athchaipitliú institiúidí airgeadais Comhalta
de SCE a mhionsonrú san MT, i gcomhréir le hAirteagal 13(3).
3. Gan dochar d’Airteagal 107 agus Airteagal 108 CFAE, déanfar 10
na téarmaí airgeadais agus na coinníollacha a bhaineann le cúnamh
airgeadais le haghaidh athchaipitliú institiúidí airgeadais Comhalta
de SCE a shonrú i gcomhaontú um shaoráid cúnaimh airgeadais a
bheidh le síniú ag an Stiúrthóir Bainistíochta.
4. Glacfaidh an Bord Stiúrthóirí na treoirlínte mionsonraithe maidir 15
leis na módúlachtaí chun cúnamh airgeadais le haghaidh athchaipitliú
institiúidí airgeadais Comhalta de SCE a chur chun feidhme.
5. I gcás inar infheidhme, déanfaidh an Bord Stiúrthóirí cinneadh, de
thoil a chéile, ar thogra a fháil ón Stiúrthóir Bainistíochta agus tar
éis tuarascáil a fháil ón gCoimisiún Eorpach i gcomhréir le 20
hAirteagal 13(7), i dtaobh eisíocaíocht na dtráinsí den chúnamh
airgeadais i ndiaidh an chéad tráinse.
AIRTEAGAL 16
Iasachtaí SCE
1. Féadfaidh an Bord Rialtóirí a chinneadh cúnamh airgeadais a 25
dheonú i bhfoirm iasachta do Chomhalta de SCE, i gcomhréir le
hAirteagal 12.
2. Beidh an choinníollacht a bheidh ag gabháil le hiasachtaí SCE ar
áireamh i gclár coigeartuithe maicreacnamaíocha a bheidh
mionsonraithe san MT, i gcomhréir le hAirteagal 13(3). 30
3. Sonrófar na téarmaí airgeadais agus na coinníollacha a bhaineann
le gach iasacht SCE i gcomhaontú um shaoráid cúnaimh airgeadais
a bheidh le síniú ag an Stiúrthóir Bainistíochta.
4. Glacfaidh an Bord Stiúrthóirí na treoirlínte mionsonraithe maidir
leis na módúlachtaí chun iasachtaí SCE a chur chun feidhme. 35
5. Déanfaidh an Bord Stiúrthóirí cinneadh, de thoil a chéile, ar
thogra a fháil ón Stiúrthóir Bainistíochta agus tar éis tuarascáil a fháil
ón gCoimisiún Eorpach i gcomhréir le hAirteagal 13(7), i dtaobh
eisíocaíocht na dtráinsí den chúnamh airgeadais i ndiaidh an chéad
tráinse. 40
AIRTEAGAL 17
Saoráid tacaíochta bunmhargaidh
1. Féadfaidh an Bord Rialtóirí a chinneadh socrú a dhéanamh bannaí
de chuid Comhalta de SCE a cheannach ar an mbunmhargadh, i
gcomhréir le hAirteagal 12 agus é mar chuspóir leis costas- 45
éifeachtúlacht an chúnaimh airgeadais a uasmhéadú.
20
2. Déanfar an choinníollacht a bheidh ag gabháil leis an tsaoráid
tacaíochta bunmhargaidh a mhionsonrú san MT, i gcomhréir le
hAirteagal 13(3).
3. Sonrófar na téarmaí airgeadais agus na coinníollacha faoina
5 ndéanfar na bannaí a cheannach sa chomhaontú um shaoráid
cúnaimh airgeadais a bheidh le síniú ag an Stiúrthóir Bainistíochta.
4. Glacfaidh an Bord Stiúrthóirí na treoirlínte mionsonraithe maidir
leis na módúlachtaí chun an tsaoráid tacaíochta bunmhargaidh a chur
chun feidhme.
10 5. Déanfaidh an Bord Stiúrthóirí cinneadh, de thoil a chéile, ar
thogra a fháil ón Stiúrthóir Bainistíochta agus tar éis tuarascáil a fháil
ón gCoimisiún Eorpach i gcomhréir le hAirteagal 13(7), i dtaobh
eisíocaíocht an chúnaimh airgeadais le Ballstát is tairbhí trí
oibríochtaí ar an mbunmhargadh.
15 AIRTEAGAL 18
Saoráid tacaíochta margaidh thánaistigh
1. Féadfaidh an Bord Rialtóirí a chinneadh socrú a dhéanamh le
haghaidh oibríochtaí ar an margadh tánaisteach maidir le bannaí
Comhalta de SCE i gcomhréir le hAirteagal 12(1).
20 2. Maidir le cinntí faoi idirghabhálacha ar an margadh tánaisteach
chun aghaidh a thabhairt ar aicídiú, déanfar iad ar bhonn anailíse ó
BCE lena n-aithnítear gurb ann do dhálaí eisceachtúla sa mhargadh
airgeadais agus do phriacail do chobhsaíocht airgeadais.
3. Déanfar an choinníollacht a bheidh ag gabháil leis an tsaoráid
25 tacaíochta margaidh thánaistigh a mhionsonrú san MT, i gcomhréir
le hAirteagal 13(3).
4. Sonrófar na téarmaí airgeadais agus na coinníollacha faoina bhfuil
na hoibríochtaí ar an margadh tánaisteach le déanamh i gcomhaontú
um shaoráid cúnaimh airgeadais a bheidh le síniú ag an Stiúrthóir
30 Bainistíochta.
5. Glacfaidh an Bord Stiúrthóirí na treoirlínte mionsonraithe maidir
leis na módúlachtaí chun an tsaoráid tacaíochta margaidh thánaistigh
a chur chun feidhme.
6. Déanfaidh an Bord Stiúrthóirí cinneadh, de thoil a chéile, ar
35 thogra a fháil ón Stiúrthóir Bainistíochta, maidir le hoibríochtaí a
thionscnamh ar an margadh tánaisteach.
AIRTEAGAL 19
Athbhreithniú ar liosta na n-ionstraimí cúnaimh airgeadais
Féadfaidh an Bord Rialtóirí athbhreithniú a dhéanamh ar liosta na
40 n-ionstraimí cúnaimh airgeadais dá bhforáiltear in Airteagail 14 go
18 agus cinneadh a dhéanamh athruithe a dhéanamh ar an liosta sin.
AIRTEAGAL 20
Beartas praghsála
1. Le linn dó tacaíocht chobhsaíochta a dheonú, beidh sé mar
45 chuspóir ag SCE a chostais maoinithe agus oibriúcháin a chumhdach
go hiomlán agus cuirfidh sé corrlach cuí san áireamh.
21
2. I gcás gach ionstraime cúnaimh airgeadais, déanfar an phraghsáil
a mhionsonrú i dtreoirlíne praghsála, ar treoirlíne í a ghlacfaidh an
Bord Rialtóirí.
3. Féadfaidh an Bord Rialtóirí an beartas praghsála a athbhreithniú.
AIRTEAGAL 21 5
Oibríochtaí iasachtaíochta
1. Cumhachtófar do SCE iasachtaí a fháil ar na margaí caipitil ó
bhainc, ó institiúidí airgeadais nó ó dhaoine nó ó institiúidí eile ar
mhaithe lena chuspóir a chomhlíonadh.
2. Cinnfidh an Stiúrthóir Bainistíochta na módúlachtaí maidir leis na 10
hoibríochtaí iasachtaíochta i gcomhréir le treoirlínte mionsonraithe
atá le glacadh ag an mBord Stiúrthóirí.
3. Bainfidh SCE leas as uirlisí cuí bainistíochta priacail agus
déanfaidh an Bord Stiúrthóirí athbhreithniú ar na huirlisí sin go
rialta. 15
CAIBIDIL 5
BAINISTÍOCHT AIRGEADAIS
AIRTEAGAL 22
Beartas infheistíochta
1. Cuirfidh an Stiúrthóir Bainistíochta beartas stuama infheistíochta 20
chun feidhme le haghaidh SCE chun an chreidmheasacht is airde a
áirithiú do SCE, i gcomhréir le treoirlínte atá le glacadh, agus le
hathbhreithniú go rialta, ag an mBord Stiúrthóirí. Beidh SCE i
dteideal sciar den toradh ar a phunann infheistíochta a úsáid chun a
chostais oibriúcháin agus riaracháin a chumhdach. 25
2. Comhlíonfaidh oibríochtaí SCE prionsabail na bainistíochta fónta
airgeadais agus priacail.
AIRTEAGAL 23
Beartas díbhinne
1. Féadfaidh an Bord Stiúrthóirí a chinneadh, trí thromlach simplí, 30
díbhinn a dháileadh ar Chomhaltaí SCE i gcás inar mó méid an
chaipitil íoctha agus an chúlchiste ná an leibhéal is gá chun go
ndéanfaidh SCE acmhainn iasachtóireachta a choimeád agus i gcás
nach bhfuil gá leis na fáltais ón infheistíocht chun gannchion
íocaíochta le creidiúnaithe a sheachaint. Déantar díbhinní a 35
dháileadh pro rata de réir na ranníocaí leis an gcaipiteal íoctha, agus
cuirfear an luathíocaíocht is féidir a dhéanamh, dá dtagraítear in
Airteagal 41(3), san áireamh.
2. Fad nach bhfuil cúnamh airgeadais tugtha ag SCE d’aon
chomhalta dá chuid, tabharfar na fáltais ó infheistiú chaipiteal íoctha 40
SCE ar ais do Chomhaltaí SCE de réir a ranníocaí faoi seach leis an
22
gcaipiteal íoctha, tar éis asbhaintí i leith costas oibriúcháin, ar
choinníoll go bhfuil an acmhainn iarbhír iasachtóireachta sprice ar
fáil go hiomlán.
3. Cuirfidh an Stiúrthóir Bainistíochta an beartas díbhinne le
5 haghaidh SCE chun feidhme i gcomhréir le treoirlínte a ghlacfaidh
an Bord Stiúrthóirí.
AIRTEAGAL 24
Cúlchiste agus cistí eile
1. Bunóidh an Bord Rialtóirí cúlchiste agus, i gcás gur cuí, cistí eile.
10 2. Gan dochar d’Airteagal 23, cuirfear i leataobh i gcúlchiste an
glanioncam a chruthaigh oibríochtaí SCE agus na fáltais ó na
smachtbhannaí airgeadais a fuarthas ó Chomhaltaí SCE faoin nós
imeachta faireachais iltaobhaigh, faoin nós imeachta um easnamh
iomarcach agus faoin nós imeachta um míchothromaíochtaí
15 maicreacnamaíocha a bunaíodh faoi CFAE.
3. Déanfar acmhainní an chúlchiste a infheistiú i gcomhréir le
treoirlínte a ghlacfaidh an Bord Stiúrthóirí.
4. Glacfaidh an Bord Stiúrthóirí cibé rialacha is gá chun cistí eile a
bhunú, a riaradh agus a úsáid.
20 AIRTEAGAL 25
Caillteanais a chumhdach
1. Maidir le caillteanais a eascraíonn le linn oibríochtaí SCE, déanfar
iad a mhuirearú:
(a) ar an gcéad dul síos, ar an gcúlchiste;
25 (b) ar an dara dul síos, ar an gcaipiteal íoctha; agus
(c) ar deireadh, ar mhéid cuí den chaipiteal údaraithe neamhíoctha,
a ghlaofar i gcomhréir le hAirteagal 9(3).
2. Má mhainníonn Comhalta de SCE an íocaíocht faoi ghlaoch ar
chaipiteal de bhun Airteagal 9(2) nó (3) a dhéanamh, cuirfear glaoch
30 athmheasta méadaithe ar chaipiteal chuig Comhaltaí uile SCE chun
a áirithiú go bhfaighidh SCE méid iomlán an chaipitil íoctha is gá.
Déanfaidh an Bord Rialtóirí cinneadh ar ghníomhaíocht chuí chun a
áirithiú go nglanfaidh an Comhalta de SCE lena mbaineann a fhiacha
le SCE laistigh de thréimhse réasúnta ama. Beidh an Bord Rialtóirí
35 i dteideal a cheangal go n-íocfar ús mainneachtana ar an méid atá
thar téarma.
3. A luaithe a bheidh a fhiacha le SCE dá dtagraítear i mír 2 glanta
ag Comhalta de SCE, aisíocfar an farasbarr caipitil le Comhaltaí eile
SCE i gcomhréir le rialacha a ghlacfaidh an Bord Rialtóirí.
40 AIRTEAGAL 26
Buiséad
Déanfaidh an Bord Stiúrthóirí buiséad SCE a fhormheas gach bliain.
23
AIRTEAGAL 27
Cuntais bhliantúla
1. Is é an Bord Rialtóirí a dhéanfaidh cuntais bhliantúla SCE a
fhormheas.
2. Foilseoidh SCE tuarascáil bhliantúil ina mbeidh ráiteas iniúchta 5
ar a chuntais agus cuirfidh sé timpeall chuig Comhaltaí SCE ráiteas
achomair ráithiúil ar a staid airgeadais agus ráiteas sochair agus
dochair ina dtaispeánfar na torthaí a bhí ar a chuid oibríochtaí.
AIRTEAGAL 28
Iniúchóireacht inmheánach 10
Bunófar feidhm iniúchóireachta inmheánaí i gcomhréir le
caighdeáin idirnáisiúnta.
AIRTEAGAL 29
Iniúchóireacht sheachtrach
Déanfaidh iniúchóirí seachtracha neamhspleácha, arna bhformheas 15
ag an mBord Rialtóirí agus a bheidh freagrach as na ráitis airgeadais
bhliantúla a dheimhniú, cuntais SCE a iniúchadh. Beidh
lánchumhacht ag na hiniúchóirí seachtracha leabhair agus cuntais
uile SCE a scrúdú agus faisnéis iomlán a fháil maidir lena
hidirbhearta. 20
AIRTEAGAL 30
Bord Iniúchóirí
1. Beidh cúig chomhalta arna gceapadh ag an mBord Rialtóirí, mar
gheall ar a n-inniúlacht i gcúrsaí iniúchóireachta agus airgeadais, ar
an mBord Iniúchóirí agus beidh dhá chomhalta ó institiúidí 25
uachtaracha iniúchóireachta Chomhaltaí SCE – agus uainíocht
eatarthu – agus comhalta amháin ó Chúirt Iniúchóirí na hEorpa ina
measc.
2. Beidh comhaltaí an Bhoird Iniúchóirí neamhspleách. Ní
dhéanfaidh siad teagaisc a iarraidh ar chomhlachtaí rialaithe SCE, ar 30
Chomhaltaí SCE ná ar aon chomhlacht poiblí nó príobháideach eile,
ná a ghlacadh uathu.
3. Déanfaidh an Bord Iniúchóirí iniúchtaí neamhspleácha a
tharraingt suas. Déanfaidh sé cigireacht ar chuntais SCE agus
fíoróidh sé go bhfuil na cuntais oibriúcháin agus an clár 35
comhardaithe in ord. Beidh rochtain iomlán aige ar aon doiciméad
de chuid SCE is gá chun a chúraimí a chur i gcrích.
4. Féadfaidh an Bord Iniúchóirí, tráth ar bith, an Bord Stiúrthóirí
a chur ar an eolas faoina fhionnachtana. Déanfaidh sé tuarascáil a
tharraingt suas, ar bhonn bliantúil, ar tuarascáil í a chuirfear faoi 40
bhráid an Bhoird Rialtóirí.
5. Cuirfidh an Bord Rialtóirí an tuarascáil bhliantúil ar fáil do na
parlaimintí náisiúnta agus d’institiúidí uachtaracha iniúchóireachta
Chomhaltaí SCE agus do Chúirt Iniúchóirí na hEorpa.
24
6. Déanfar aon ní a bhaineann leis an Airteagal seo a mhionsonrú i
bhfodhlíthe SCE.
CAIBIDIL 6
FORÁLACHA GINEARÁLTA
5 AIRTEAGAL 31
Suíomh
1. Is i Lucsamburg a bheidh suíomh agus príomhoifig SCE.
2. Féadfaidh SCE oifig idirchaidrimh a bhunú sa Bhruiséil.
AIRTEAGAL 32
10 Stádas dlíthiúil, pribhléidí agus díolúintí
1. Chun a chumasú do SCE a chuspóir a chomhall, déanfar an stádas
dlíthiúil agus na pribhléidí agus díolúintí a leagtar amach san
Airteagal seo a thabhairt do SCE i gcríoch gach Comhalta de SCE.
Déanfaidh SCE gach iarracht aitheantas a fháil dá stádas dlíthiúil
15 agus dá phribhléidí agus díolúintí i gcríocha eile ina gcomhlíonann
sé feidhmeanna nó ina bhfuil sócmhainní aige.
2. Beidh lánphearsantacht dhlítheanach ag SCE. Beidh láninniúlacht
dhlítheanach aici chun:
(a) maoin dhochorraithe agus maoin shochorraithe a fháil agus a
20 dhiúscairt;
(b) conradh a dhéanamh;
(c) a bheith ina pháirtí in imeachtaí dlíthiúla; agus
(d) dul i gcomhaontú ceanncheathrún agus/nó i bprótacail de réir
mar is gá lena áirithiú go dtugtar aitheantas dá stádas dlíthiúil
25 agus dá phribhléidí agus díolúintí, agus go bhforfheidhmítear na
nithe sin.
3. Beidh ag SCE, a maoin, a cistiú agus a sócmhainní, cibé áit a
mbeidh siad suite agus cibé duine ag a mbeidh siad, díolúine ó gach
sórt próisis bhreithiúnaigh ach amháin a mhéid a bheidh SCE tar éis
30 a dhíolúine a tharscaoileadh go sainráite chun críocha aon imeachtaí
nó faoi théarmaí aon chonartha, lena n-áirítear doiciméid na nionstraimí
maoinithe.
4. Beidh díolúine ó chuardach, ó fhoréileamh, ó choigistiú, ó
dhíshealbhú nó aon sórt eile urghabhála, gabhála nó foriaimh trí
35 ghníomhú feidhmiúcháin, gníomhú breithiúnach, gníomhú riaracháin
nó gníomhú reachtach ag maoin, cistiú agus sócmhainní SCE, cibé
áit a mbeidh siad suite agus cibé duine ag a mbeidh siad.
5. Beidh cartlanna SCE agus na doiciméid uile ar le SCE iad nó atá
ina sheilbh aige dosháraithe.
40 6. Beidh áitreabh SCE dosháraithe.
7. Gheobhaidh cumarsáidí oifigiúla SCE an chóir chéanna ó gach
Comhalta de SCE agus ó gach stát a bhfuil aitheantas tugtha aige do
stádas dlíthiúil agus do phribhléidí agus díolúintí SCE agus a
fhaigheann cumarsáidí oifigiúla Comhalta de SCE.
25
8. A mhéid is gá sin chun na gníomhaíochtaí dá bhforáiltear sa
Chonradh seo a dhéanamh, beidh maoin, cistiú agus sócmhainní uile
SCE saor ó shrianta, ó rialacháin, ó rialuithe agus ó mhortchairde de
chineál ar bith.
9. Beidh SCE díolmhaithe ó aon cheanglas údarú nó ceadúnas a fháil 5
mar institiúid chreidmheasa, mar sholáthróir seirbhísí infheistíochta
nó mar eintiteas údaraithe, ceadúnaithe nó rialaithe eile faoi dhlíthe
gach ceann de Chomhaltaí SCE.
AIRTEAGAL 33
Foireann SCE 10
Leagfaidh an Bord Stiúrthóirí síos na coinníollacha fostaíochta do
Stiúrthóir Bainistíochta agus d’fhoireann eile SCE.
AIRTEAGAL 34
Rúndacht ghairmiúil
Ní dhéanfaidh Comhaltaí ná iarChomhaltaí an Bhoird Rialtóirí ná 15
an Bhoird Stiúrthóirí ná aon daoine eile a oibríonn nó a d’oibrigh
do SCE nó i dtaca le SCE faisnéis atá faoi réir rúndachta gairmiúla
a nochtadh. Beidh de cheangal orthu, fiú amháin tar éis deireadh a
theacht lena ndualgais, gan faisnéis a nochtadh is de chineál atá faoi
chumhdach oibleagáid na rúndachta gairmiúla. 20
AIRTEAGAL 35
Díolúintí daoine
1. Ar mhaithe le leas SCE, beidh Cathaoirleach an Bhoird Rialtóirí,
na Rialtóirí, na Rialtóirí malartacha, na Stiúrthóirí, na Stiúrthóirí
malartacha, mar aon leis an Stiúrthóir Bainistíochta agus na daoine 25
eile den fhoireann díolmhaithe ó imeachtaí dlíthiúla i leith
gníomhartha a dhéanfaidh siad ina gcáil oifigiúil agus beidh
dosháraitheacht acu maidir lena bpáipéir agus lena ndoiciméid
oifigiúla.
2. Féadfaidh an Bord Rialtóirí aon cheann de na díolúintí a thugtar 30
faoin Airteagal seo i leith Chathaoirleach an Bhoird Rialtóirí,
Rialtóra, Rialtóra mhalartaigh, Stiúrthóra, Stiúrthóra mhalartaigh nó
an Stiúrthóra Bainistíochta a tharscaoileadh a mhéid, agus ar cibé
coinníollacha, a chinnfidh sé.
3. Féadfaidh an Stiúrthóir Bainistíochta aon díolúine den sórt sin a 35
tharscaoileadh i leith aon duine d’fhoireann SCE, seachas é féin nó
í féin.
4. Déanfaidh gach Comhalta de SCE an ghníomhaíocht is gá go pras
chun éifeacht a thabhairt don Airteagal seo faoi théarmaí a dhlí féin
agus cuirfidh sé SCE ar an eolas maidir leis an méid sin dá réir sin. 40
AIRTEAGAL 36
Díolúine ó chánachas
1. Faoi chuimsiú raon feidhme a ghníomhaíochtaí oifigiúla, beidh
SCE, a shócmhainní, a ioncam, a mhaoin agus a oibríochtaí agus a
idirbhearta arna n-údarú leis an gConradh seo díolmhaithe ó gach 45
cáin dhíreach.
26
2. Déanfaidh Comhaltaí SCE, i ngach cás inar féidir sin, na bearta is
cuí chun méid na gcánacha neamhdhíreacha nó na gcánacha
díolacháin a bheidh ar áireamh i bpraghas maoine sochorraithe nó
dochorraithe a mhaitheamh nó a aisíoc nuair a dhéanann SCE, le
5 haghaidh a úsáide oifigiúla, ceannacháin shubstaintiúla a bhfuil
cánacha den sórt sin ar áireamh ina bpraghas.
3. Ní dheonófar díolúine ar bith i leith cánacha agus dleachtanna
nach bhfuil iontu ach táillí le haghaidh seirbhísí fóntais phoiblí.
4. Beidh earraí a allmhaireoidh SCE agus is gá chun a
10 ghníomhaíochtaí oifigiúla a fheidhmiú díolmhaithe ó na dleachtanna
agus na cánacha uile ar allmhairí agus ó na toirmisc agus na srianta
uile ar allmhairí.
5. Beidh foireann SCE inchurtha faoi cháin inmheánach, chun
tairbhe do SCE, ar thuarastail agus ar dhíolaíochtaí a íocfaidh SCE,
15 faoi réir rialacha a ghlacfaidh an Bord Rialtóirí. Ón dáta a chuirfear
an cháin sin i bhfeidhm, beidh tuarastail agus díolaíochtaí den sórt
sin díolmhaithe ó cháin ioncaim náisiúnta.
6. Ní thoibheofar cánachas d’aon saghas ar aon oibleagáid ná urrús
a eiseoidh SCE, lena n-áirítear aon ús nó díbhinn orthu, cibé duine
20 a shealbhóidh iad:
(a) lena ndéantar idirdhealú i gcoinne na hoibleagáide nó an urrúis
sin go heisiatach mar gheall ar a bhunadh; nó
(b) ar cánachas é arb é an t-aon bhonn dlínsiúil atá leis an áit nó an
t-airgeadra ina n-eiseofar é nó ina mbeidh sé iníoctha nó ina
25 n-íocfar é, nó suíomh aon oifige nó áite gnó atá á cothabháil
ag SCE.
AIRTEAGAL 37
Léiriú agus réiteach díospóide
1. Aon cheist a eascróidh idir aon Chomhalta de SCE agus SCE, nó
30 idir Comhaltaí de SCE, maidir le léiriú nó cur i bhfeidhm fhorálacha
an Chonartha seo agus fhodhlíthe SCE, cuirfear faoi bhráid an
Bhoird Stiúrthóirí í le cinneadh a dhéanamh uirthi.
2. Déanfaidh an Bord Rialtóirí cinneadh faoi aon díospóid a
eascróidh idir Comhalta de SCE agus SCE, nó idir Comhaltaí de
35 SCE, i dtaobh léiriú agus chur i bhfeidhm an Chonartha seo, lena náirítear
aon díospóid faoi chomhoiriúnacht na gcinntí a ghlac SCE
leis an gConradh seo. Déanfar vótaí chomhalta nó chomhaltaí Bhord
Rialtóirí an Chomhalta nó na gComhaltaí de SCE lena mbaineann a
fhionraí nuair a bheidh vótáil ar siúl ag an mBord Rialtóirí ar an
40 gcinneadh sin agus déanfar an tairseach vótála is gá chun an cinneadh
a ghlacadh a athríomh dá réir.
3. Má dhéanann Comhalta de SCE an cinneadh dá dtagraítear i mír
2 a chonspóid, cuirfear an díospóid faoi bhráid Chúirt Bhreithiúnais
an Aontais Eorpaigh. Beidh breithiúnas Chúirt Bhreithiúnais an
45 Aontais Eorpaigh ina cheangal ar na páirtithe sa nós imeachta, agus
déanfaidh na páirtithe sin na bearta is gá chun an breithiúnas a
chomhlíonadh laistigh de thréimhse a chinnfidh an Chúirt sin.
27
AIRTEAGAL 38
Comhar idirnáisiúnta
D’fhonn a chuspóirí a chur ar aghaidh, beidh SCE i dteideal
comhoibriú, faoi chuimsiú théarmaí an Chonartha seo, le CAI, le
haon Stát atá ag soláthar cúnamh airgeadais ar bhonn ad hoc do 5
Chomhalta de SCE agus le haon eagraíocht nó le haon eintiteas
idirnáisiúnta ar a bhfuil sainfhreagrachtaí i réimsí gaolmhara.
CAIBIDIL 7
SOCRUITHE IDIRTHRÉIMHSEACHA
AIRTEAGAL 39 10
Comhréireacht le hiasachtóireacht SaorCAE
Le linn na céime idirthréimhsí a mhairfidh ó theacht i bhfeidhm an
Chonartha seo go dtí díscaoileadh iomlán SaorCAE, ní rachaidh an
iasachtóireacht chomhdhlúite ó SCE agus ó SaorCAE thar EUR 500
000 milliún, gan dochar don athbhreithniú tráthrialta ar 15
leordhóthanacht uasmhéid na hiasachtóireachta i gcomhréir le
hAirteagal 10. Glacfaidh an Bord Stiúrthóirí treoirlínte
mionsonraithe maidir leis an modh ar a ríomhfar an acmhainn
tiomantais don todhchaí chun a áirithiú nach dtéitear thar an
uasteorainn iasachtóireachta comhdhlúite. 20
AIRTEAGAL 40
Tacaíochtaí SaorCAE a aistriú
1. De mhaolú ar Airteagal 13, féadfaidh an Bord Rialtóirí cinneadh
a dhéanamh go ndéanfaidh SCE tiomantais SaorCAE maidir le
cúnamh airgeadais a sholáthar do Chomhalta de SCE faoina 25
chomhaontú leis an gcomhalta sin a ghlacadh air féin a mhéid a
bhaineann na tiomantais sin leis na codanna neamheisíoctha agus
neamhchistithe de na saoráidí iasachta.
2. Féadfaidh SCE, má údaraíonn a Bhord Rialtóirí an méid sin,
cearta SaorCAE a fháil agus oibleagáidí SaorCAE a ghlacadh air 30
féin, go háirithe maidir lena cearta agus lena hoibleagáidí uile, nó le
cuid díobh, atá ar marthain faoina saoráidí iasachta láithreacha agus
i ndáil leo.
3. Glacfaidh an Bord Rialtóirí na módúlachtaí mionsonraithe is gá
chun éifeacht a thabhairt d’aistriú na n-oibleagáidí ó SaorCAE go 35
dtí SCE dá dtagraítear i mír 1, agus d’aon aistriú ceart agus aistriú
oibleagáidí mar a thuairiscítear i mír 2.
AIRTEAGAL 41
An caipiteal tosaigh a íoc
1. Gan dochar do mhír 2, déanfar scaireanna íoctha an méid a 40
shuibscríobh gach Comhalta de SCE i dtosach a íoc i bhfoirm cúig
thráthchuid bhliantúla de 20% den mhéid iomlán an ceann. Íocfaidh
gach Comhalta de SCE an chéad tráthchuid laistigh de chúig lá dhéag
tar éis an dáta a thiocfaidh an Conradh seo i bhfeidhm. Beidh na
ceithre thráth chuid eile iníoctha cothrom bliana, dhá bhliain, trí 45
bliana agus ceithre bliana faoi seach ón dáta a íocfar an chéad
tráthchuid.
28
2. Le linn na tréimhse cúig bliana ina n-íocfar caipiteal i
dtráthchodanna, déanfaidh Comhaltaí SCE íocaíocht na scaireanna
íoctha a luathú, go tráthúil roimh an dáta eisiúna d’fhonn cóimheas
íosta 15% idir caipiteal íoctha agus méid neamhíoctha eisiúintí SCE
5 a choimeád agus acmhainn chomhcheangailte íosta iasachtóireachta
EUR 500 000 milliún ó ESM agus SaorCAE a ráthú.
3. Féadfaidh Comhalta de SCE a chinneadh a scair de chaipiteal
íoctha a íoc níos luaithe.
AIRTEAGAL 42
10 Ceartú sealadach ar an treoir ranníoca
1. Tráth a bhunaithe, déanfaidh Comhaltaí SCE an stoc caipitiúil
údaraithe a shuibscríobh ar bhonn na treorach ranníoca tosaigh a
shonraítear in Iarscríbhinn I. Beidh an ceartú sealadach atá ar
áireamh sa treoir ranníoca tosaigh sin i bhfeidhm ar feadh tréimhse
15 dhá bhliain déag tar éis an dáta a ghlacfaidh an Comhalta de SCE i
dtrácht an euro.
2. I gcás gur lú olltáirgeacht intíre (OTI) Comhalta nua de SCE in
aghaidh an duine ar mhargadhphraghsanna in euro sa bhliain díreach
roimh a aontachas do SCE ná 75% de MOI an Aontais Eorpaigh in
20 aghaidh an duine ar mhargadhphraghsanna, bainfidh a threoir
ranníoca le haghaidh shuibscríobh stoc caipitiúil údaraithe SCE, arna
cinneadh i gcomhréir le hAirteagal 10, tairbhe as ceartú sealadach
agus is ionann é agus suim:
a) 25% de scair chéatadánach bhanc ceannais náisiúnta an
25 Chomhalta sin de SCE i gcaipiteal BCE, arna cinneadh i
gcomhréir le hAirteagal 29 de Reacht CEBC; agus
b) 75% de scair chéatadánach an Chomhalta sin de SCE in ollioncam
náisiúnta (OIN) an limistéir euro ar mhargadhphraghsanna in
euro sa bhliain díreach roimh a aontachas do SCE.
30 Cothromófar na céatadáin dá dtagraítear i bpointe (a) agus i bpointe
(b) suas nó síos go dtí an t-iolraí is gaire de 0,0001 faoin gcéad. Is
iad na téarmaí staidrimh a fhoilseoidh Eurostat na téarmaí a bheidh
i bhfeidhm.
3. Beidh feidhm ag an gceartú sealadach dá dtagraítear i mír 2 ar
35 feadh tréimhse dhá bhliain déag ón dáta a ghlacfaidh an Comhalta
de SCE i dtrácht an euro.
4. De thoradh an cheartaithe shealadaigh ar an treoir, déanfar an
sciar iomchuí de scaireanna a leithroinneadh ar Chomhalta de SCE
de bhun mhír 2 a leithroinnt arís i measc na gComhaltaí sin de SCE
40 nach bhfuil ag baint tairbhe as ceartú sealadach ar bhonn a
scairshealbhaíochta in BCE, arna chinneadh i gcomhréir le
hAirteagal 29 de Reacht CEBC, a bhí ann díreach sular eisíodh
scaireanna don Chomhalta aontach de SCE.
AIRTEAGAL 43
45 Na chéad cheapacháin
1. Ainmneoidh gach Comhalta de SCE a Rialtóir agus a Rialtóir
malartach laistigh de dhá sheachtain ó theacht i bhfeidhm an
Chonartha seo.
29
2. Ceapfaidh an Bord Rialtóirí an Stiúrthóir Bainistíochta agus
ceapfaidh gach Rialtóir faoi seach Stiúrthóir agus Stiúrthóir
malartach laistigh de dhá mhí ó theacht i bhfeidhm an Chonartha
seo.
CAIBIDIL 8 5
FORÁLACHA CRÍOCHNAITHEACHA
AIRTEAGAL 44
Aontachas
Beidh an Conradh seo ar oscailt le haghaidh aontachais Ballstát eile
den Aontas Eorpach i gcomhréir le hAirteagal 2 ar iarratas ar 10
chomhaltas a chomhdóidh aon Bhallstát den sórt sin den Aontas
Eorpach le SCE tar éis do Chomhairle an Aontais Eorpaigh an
cinneadh a ghlacadh lena n-aisghairtear an maolú atá ag an mBallstát
sin gan an euro a ghlacadh i gcomhréir le hAirteagal 140(2) CFAE.
Déanfaidh an Bord Rialtóirí iarratas ar aontachas an Chomhalta nua 15
de SCE agus na téarmaí teicniúla mionsonraithe a bhaineann leis a
fhormheas, chomh maith leis na hoiriúnuithe a bheidh le déanamh
ar an gConradh seo de thoradh díreach an aontachais. Tar éis don
Bhord Rialtóirí an t-iarratas ar chomhaltas a fhormheas, déanfaidh
comhaltaí nua de SCE an t-aontachas tráth a thaiscfear na 20
hionstraimí aontachais leis an Taiscí, agus cuirfidh an Taiscí fógra
faoin méid sin chuig na Comhaltaí eile de SCE.
AIRTEAGAL 45
Na hIarscríbhinní
Is cuid dhílis den Chonradh seo na hIarscríbhinní seo a leanas a 25
ghabhann leis:
1) Iarscríbhinn I: Treoir ranníoca SCE; agus
2) Iarscríbhinn II: Suibscríobhanna leis an stoc caipitiúil údaraithe.
AIRTEAGAL 46
Taisceadh 30
Déanfar an Conradh seo a thaisceadh le hArdrúnaíocht Chomhairle
an Aontais Eorpaigh (“an Taiscí”), agus cuirfidh an Taiscí cóipeanna
deimhnithe chuig gach sínitheoir.
AIRTEAGAL 47
Daingniú, formheas nó glacadh 35
1. Beidh an Conradh seo faoi réir a dhaingnithe, a fhormheasa nó a
ghlactha ag na sínitheoirí. Déanfar ionstraimí daingniúcháin,
formheasa nó glactha a thaisceadh leis an Taiscí.
2. Cuirfidh an Taiscí fógra chuig na sínitheoirí eile maidir le gach
taisceadh agus an dáta a dhéantar é. 40
30
AIRTEAGAL 48
Teacht i bhFeidhm
1. Tiocfaidh an Conradh seo i bhfeidhm an dáta a dhéanfaidh na
sínitheoirí, a bhfuil a suibscríbhinní tosaigh in ionannas le 90% ar a
5 laghad d’iomlán na suibscríbhinní atá leagtha amach in Iarscríbhinn
II, ionstraimí daingniúcháin, formheasa nó glactha a thaisceadh. I
gcás gur cuí, déanfar an liosta de Chomhaltaí SCE a choigeartú;
déanfar an treoir in Iarscríbhinn I a athríomh ansin agus déanfar
iomlán an stoic chaipitiúil údaraithe in Airteagal 8(1) agus in
10 Iarscríbhinn II agus luach ainmniúil comhiomlán tosaigh iomlán na
scaireanna íoctha in Airteagal 8(2) a laghdú dá réir.
2. Tiocfaidh an Conradh seo i bhfeidhm, i gcás gach sínitheora a
thaiscfidh a ionstraim daingniúcháin, formheasa nó glactha dá éis sin,
an lá tar éis dháta an taiscthe.
15 3. I gcás gach Stáit a aontaíonn don Chonradh seo i gcomhréir le
hAirteagal 44, tiocfaidh an Conradh seo i bhfeidhm an fichiú lá tar
éis don Stát a ionstraim aontachais a thaisceadh.
Arna dhéanamh sa Bhruiséil an dara lá d’Fheabhra sa bhliain dhá
mhíle a dó dhéag i scríbhinn bhunaidh amháin sa Bhéarla, san
20 Eastóinis, san Fhionlainnis, sa Fhraincis, sa Ghaeilge, sa
Ghearmáinis, sa Ghréigis, san Iodáilis, sa Mháltais, san Ollainnis, sa
Phortaingéilis, sa tSlóvaicis, sa tSlóivéinis, sa Spáinnis agus sa
tSualainnis, agus comhúdarás ag na téacsanna i ngach ceann de na
teangacha sin, agus taiscfear é i gcartlann an Taiscí agus cuirfidh an
25 Taiscí cóip chuídheimhnithe chuig gach ceann de na Páirtithe
Conarthacha.
31
IARSCRÍBHINN I
Treoir Ranníoca SCE
An Comhalta de SCE Treoir SCE (%)
Ríocht na Beilge 3,4771
Poblacht Chónaidhme na Gearmáine 27,1464 5
Poblacht na hEastóine 0,1860
Éire 1,5922
An Phoblacht Heilléanach 2,8167
Ríocht na Spáinne 11,9037
Poblacht na Fraince 20,3859 10
Poblacht na hIodáile 17,9137
Poblacht na Cipire 0,1962
Ard-Diúcacht Lucsamburg 0,2504
Málta 0,0731
Ríocht na hÍsiltíre 5,7170 15
Poblacht na hOstaire 2,7834
Poblacht na Portaingéile 2,5092
Poblacht na Slóivéine 0,4276
Poblacht na Slóvaice 0,8240
Poblacht na Fionlainne 1,7974 20
An tIomlán 100,0
—————————————
32
IARSCRÍBHINN II
Suibscríobh an stoic chaipitiúil údaraithe
An Comhalta de SCE Líon na scaireanna Suibscríbhinn chaipitiúil
(EUR)
5 Ríocht na Beilge 243 397 24 339 700 000
Poblacht Chónaidhme na 1 900 248 190 024 800 000 Gearmáine
Poblacht na hEastóine 13 020 1 302 000 000
10 Éire 111 454 11 145 400 000
An Phoblacht Heilléanach 197 169 19 716 900 000
Ríocht na Spáinne 833 259 83 325 900 000
Poblacht na Fraince 1 427 013 142 701 300 000
Poblacht na hIodáile 1 253 959 125 395 900 000
15 Poblacht na Cipire 13 734 1 373 400 000
Ard-Diúcacht Lucsamburg 17 528 1 752 800 000
Málta 5 117 511 700 000
Ríocht na hÍsiltíre 400 190 40 019 000 000
Poblacht na hOstaire 194 838 19 483 800 000
20 Poblacht na Portaingéile 175 644 17 564 400 000
Poblacht na Slóivéine 29 932 2 993 200 000
Poblacht na Slóvaice 57 680 5 768 000 000
Poblacht na Fionlainne 125 818 12 581 800 000
An tIomlán 7 000 000 700 000 000 000
25 —————————————
33
PART 2
Text of Treaty in the English Language
TREATY
ESTABLISHING THE EUROPEAN STABILITY MECHANISM
BETWEEN THE KINGDOM OF BELGIUM, THE FEDERAL 5
REPUBLIC OF GERMANY,
THE REPUBLIC OF ESTONIA, IRELAND, THE HELLENIC
REPUBLIC,
THE KINGDOM OF SPAIN, THE FRENCH REPUBLIC,
THE ITALIAN REPUBLIC, THE REPUBLIC OF CYPRUS, 10
THE GRAND DUCHY OF LUXEMBOURG, MALTA,
THE KINGDOM OF THE NETHERLANDS, THE REPUBLIC
OF AUSTRIA,
THE PORTUGUESE REPUBLIC, THE REPUBLIC OF
SLOVENIA, 15
THE SLOVAK REPUBLIC AND THE REPUBLIC OF
FINLAND
34
THE CONTRACTING PARTIES, the Kingdom of Belgium, the
Federal Republic of Germany, the Republic of Estonia, Ireland, the
Hellenic Republic, the Kingdom of Spain, the French Republic, the
Italian Republic, the Republic of Cyprus, the Grand Duchy of
5 Luxembourg, Malta, the Kingdom of the Netherlands, the Republic
of Austria, the Portuguese Republic, the Republic of Slovenia, the
Slovak Republic and the Republic of Finland (the “euro area
Member States” or “ESM Members”);
COMMITTED TO ensuring the financial stability of the euro area;
10 RECALLING the Conclusions of the European Council adopted on
25 March 2011 on the establishment of a European stability
mechanism;
WHEREAS:
(1) The European Council agreed on 17 December 2010 on the need
15 for euro area Member States to establish a permanent stability
mechanism. This European Stability Mechanism (“ESM”) will
assume the tasks currently fulfilled by the European Financial
Stability Facility (“EFSF”) and the European Financial Stabilisation
Mechanism (“EFSM”) in providing, where needed, finan20
cial assistance to euro area Member States.
(2) On 25 March 2011, the European Council adopted Decision
2011/199/EU amending Article 136 of the Treaty on the Functioning
of the European Union with regard to a stability mechanism
for Member States whose currency is the euro2 adding the
25 following paragraph to Article 136: “The Member States whose
currency is the euro may establish a stability mechanism to be
activated if indispensable to safeguard the stability of the euro
area as a whole. The granting of any required financial assistance
under the mechanism will be made subject to strict con30
ditionality”.
(3) With a view to increasing the effectiveness of the financial assistance
and to prevent the risk of financial contagion, the Heads
of State or Government of the Member States whose currency
is the euro agreed on 21 July 2011 to “increase [the] flexibility
35 [of the ESM] linked to appropriate conditionality”.
(4) Strict observance of the European Union framework, the integrated
macro-economic surveillance, in particular the Stability
and Growth Pact, the macroeconomic imbalances framework
and the economic governance rules of the European Union,
40 should remain the first line of defence against confidence crises
affecting the stability of the euro area.
(5) On 9 December 2011 the Heads of State or Government of the
Member States whose currency is the euro agreed to move
towards a stronger economic union including a new fiscal com45
pact and strengthened economic policy coordination to be
implemented through an international agreement, the Treaty on
Stability, Coordination and Governance in the Economic and
Monetary Union (“TSCG”). The TSCG will help develop a
closer coordination within the euro area with a view to ensuring
50 a lasting, sound and robust management of public finances and
thus addresses one of the main sources of financial instability.
This Treaty and the TSCG are complementary in fostering fiscal
responsibility and solidarity within the economic and monetary
2OJ L 91, 6.4.2011, p. 1.
35
union. It is acknowledged and agreed that the granting of financial
assistance in the framework of new programmes under the
ESM will be conditional, as of 1 March 2013, on the ratification
of the TSCG by the ESM Member concerned and, upon expiration
of the transposition period referred to in Article 3(2) 5
TSCG on compliance with the requirements of that article.
(6) Given the strong interrelation within the euro area, severe risks
to the financial stability of Member States whose currency is the
euro may put at risk the financial stability of the euro area as a
whole. The ESM may therefore provide stability support on the 10
basis of a strict conditionality, appropriate to the financial assistance
instrument chosen if indispensable to safeguard the financial
stability of the euro area as a whole and of its Member
States. The initial maximum lending volume of the ESM is set at
EUR 500 000 million, including the outstanding EFSF stability 15
support. The adequacy of the consolidated ESM and EFSF
maximum lending volume will, however, be reassessed prior to
the entry into force of this Treaty. If appropriate, it will be
increased by the Board of Governors of the ESM, in accordance
with Article 10, upon entry into force of this Treaty. 20
(7) All euro area Member States will become ESM Members. As a
consequence of joining the euro area, a Member State of the
European Union should become an ESM Member with full
rights and obligations, in line with those of the Contracting
Parties. 25
(8) The ESM will cooperate very closely with the International Monetary
Fund (“IMF”) in providing stability support. The active
participation of the IMF will be sought, both at technical and
financial level. A euro area Member State requesting financial
assistance from the ESM is expected to address, wherever pos- 30
sible, a similar request to the IMF.
(9) Member States of the European Union whose currency is not the
euro (“non euro area Member States”) participating on an ad
hoc basis alongside the ESM in a stability support operation
for euro area Member States will be invited to participate, as 35
observers, in the ESM meetings when this stability support and
its monitoring will be discussed. They will have access to all
information in a timely manner and be properly consulted.
(10) On 20 June 2011, the representatives of the Governments of the
Member States of the European Union authorised the Con- 40
tracting Parties of this Treaty to request the European Commission
and the European Central Bank (“ECB”) to perform
the tasks provided for in this Treaty.
(11) In its statement of 28 November 2010, the Euro Group stated
that standardised and identical Collective Action Clauses 45
(“CACs”) will be included, in such a way as to preserve market
liquidity, in the terms and conditions of all new euro area
government bonds. As requested by the European Council on
25 March 2011, the detailed legal arrangements for including
CACs in euro area government securities were finalised by the 50
Economic and Financial Committee.
(12) In accordance with IMF practice, in exceptional cases an
adequate and proportionate form of private sector involvement
shall be considered in cases where stability support is provided
accompanied by conditionality in the form of a macro-economic 55
adjustment programme.
36
(13) Like the IMF, the ESM will provide stability support to an ESM
Member when its regular access to market financing is impaired
or is at risk of being impaired. Reflecting this, Heads of State
or Government have stated that the ESM loans will enjoy pre-
5 ferred creditor status in a similar fashion to those of the IMF,
while accepting preferred creditor status of the IMF over the
ESM. This status will be effective as of the date of entry into
force of this Treaty. In the event of ESM financial assistance in
the form of ESM loans following a European financial assistance
10 programme existing at the time of the signature of this Treaty,
the ESM will enjoy the same seniority as all other loans and
obligations of the beneficiary ESM Member, with the exception
of the IMF loans.
(14) The euro area Member States will support equivalent creditor
15 status of the ESM and that of other States lending bilaterally in
coordination with the ESM.
(15) ESM lending conditions for Member States subject to a macroeconomic
adjustment programme, including those referred to in
Article 40 of this Treaty, shall cover the financing and operating
20 costs of the ESM and should be consistent with the lending conditions
of the Financial Assistance Facility Agreements signed
between the EFSF, Ireland and the Central Bank of Ireland on
the one hand and the EFSF, the Portuguese Republic and Banco
de Portugal on the other.
25 (16) Disputes concerning the interpretation and application of this
Treaty arising between the Contracting Parties or between the
Contracting Parties and the ESM should be submitted to the
jurisdiction of the Court of Justice of the European Union, in
accordance with Article 273 of the Treaty on the Functioning of
30 the European Union (“TFEU”).
(17) Post-programme surveillance will be carried out by the European
Commission and by the Council of the European Union
within the framework laid down in Articles 121 and 136 TFEU,
HAVE AGREED AS FOLLOWS:
35 CHAPTER 1
MEMBERSHIP AND PURPOSE
ARTICLE 1
Establishment and members
1. By this Treaty, the Contracting Parties establish among themselves
40 an international financial institution, to be named the “European
Stability Mechanism” (“ESM”).
2. The Contracting Parties are ESM Members.
ARTICLE 2
New members
45 1. Membership in the ESM shall be open to the other Member States
of the European Union as from the entry into force of the decision of
the Council of the European Union taken in accordance with Article
140(2) TFEU to abrogate their derogation from adopting the euro.
37
2. New ESM Members shall be admitted on the same terms and
conditions as existing ESM Members, in accordance with Article 44.
3. A new member acceding to the ESM after its establishment shall
receive shares in the ESM in exchange for its capital contribution,
calculated in accordance with the contribution key provided for in 5
Article 11.
ARTICLE 3
Purpose
The purpose of the ESM shall be to mobilise funding and provide
stability support under strict conditionality, appropriate to the finan- 10
cial assistance instrument chosen, to the benefit of ESM Members
which are experiencing, or are threatened by, severe financing problems,
if indispensable to safeguard the financial stability of the euro
area as a whole and of its Member States. For this purpose, the ESM
shall be entitled to raise funds by issuing financial instruments or by 15
entering into financial or other agreements or arrangements with
ESM Members, financial institutions or other third parties.
CHAPTER 2
GOVERNANCE
ARTICLE 4 20
Structure and voting rules
1. The ESM shall have a Board of Governors and a Board of Directors,
as well as a Managing Director and other dedicated staff as may
be considered necessary.
2. The decisions of the Board of Governors and the Board of Direc- 25
tors shall be taken by mutual agreement, qualified majority or simple
majority as specified in this Treaty. In respect of all decisions, a quorum
of 2/3 of the members with voting rights representing at least
2/3 of the voting rights must be present.
3. The adoption of a decision by mutual agreement requires the una- 30
nimity of the members participating in the vote. Abstentions do not
prevent the adoption of a decision by mutual agreement.
4. By way of derogation from paragraph 3, an emergency voting procedure
shall be used where the Commission and the ECB both conclude
that a failure to urgently adopt a decision to grant or 35
implement financial assistance, as defined in Articles 13 to 18, would
threaten the economic and financial sustainability of the euro area.
The adoption of a decision by mutual agreement by the Board of
Governors referred to in points (f) and (g) of Article 5(6) and the
Board of Directors under that emergency procedure requires a quali- 40
fied majority of 85% of the votes cast.
Where the emergency procedure referred to in the first subparagraph
is used, a transfer from the reserve fund and/or the paid-in capital to
an emergency reserve fund is made in order to constitute a dedicated
buffer to cover the risks arising from the financial support granted 45
under that emergency procedure. The Board of Governors may
decide to cancel the emergency reserve fund and transfer its content
back to the reserve fund and/or paid-in capital.
38
5. The adoption of a decision by qualified majority requires 80% of
the votes cast.
6. The adoption of a decision by simple majority requires a majority
of the votes cast.
5 7. The voting rights of each ESM Member, as exercised by its
appointee or by the latter’s representative on the Board of Governors
or Board of Directors, shall be equal to the number of shares
allocated to it in the authorised capital stock of the ESM as set out
in Annex II.
10 8. If any ESM Member fails to pay any part of the amount due in
respect of its obligations in relation to paid-in shares or calls of capital
under Articles 8, 9 and 10, or in relation to the reimbursement of
the financial assistance under Article 16 or 17, such ESM Member
shall be unable, for so long as such failure continues, to exercise any
15 of its voting rights. The voting thresholds shall be recalculated
accordingly.
ARTICLE 5
Board of Governors
1. Each ESM Member shall appoint a Governor and an alternate
20 Governor. Such appointments are revocable at any time. The Governor
shall be a member of the government of that ESM Member
who has responsibility for finance. The alternate Governor shall have
full power to act on behalf of the Governor when the latter is not
present.
25 2. The Board of Governors shall decide either to be chaired by the
President of the Euro Group, as referred to in Protocol (No. 14) on
the Euro Group annexed to the Treaty on the European Union and
to the TFEU or to elect a Chairperson and a Vice-Chairperson from
among its members for a term of two years. The Chairperson and
30 the Vice-Chairperson may be re-elected. A new election shall be
organised without delay if the incumbent no longer holds the function
needed for being designated Governor.
3. The Member of the European Commission in charge of economic
and monetary affairs and the President of the ECB, as well as the
35 President of the Euro Group (if he or she is not the Chairperson or
a Governor) may participate in the meetings of the Board of Governors
as observers.
4. Representatives of non-euro area Member States participating on
an ad hoc basis alongside the ESM in a stability support operation
40 for a euro area Member State shall also be invited to participate, as
observers, in the meetings of the Board of Governors when this stability
support and its monitoring will be discussed.
5. Other persons, including representatives of institutions or organisations,
such as the IMF, may be invited by the Board of Governors
45 to attend meetings as observers on an ad hoc basis.
6. The Board of Governors shall take the following decisions by mutual
agreement:
(a) to cancel the emergency reserve fund and transfer its content
back to the reserve fund and/or paid-in capital, in accordance
50 with Article 4(4);
39
(b) to issue new shares on terms other than at par, in accordance
with Article 8(2);
(c) to make the capital calls, in accordance with Article 9(1);
(d) to change the authorised capital stock and adapt the maximum
lending volume of the ESM, in accordance with Article 10(1); 5
(e) to take into account a possible update of the key for the subscription
of the ECB capital, in accordance with Article 11(3), and
the changes to be made to Annex I in accordance with Article
11(6);
(f) to provide stability support by the ESM, including the economic 10
policy conditionality as stated in the memorandum of understanding
referred to in Article 13(3), and to establish the choice
of instruments and the financial terms and conditions, in accordance
with Articles 12 to 18;
(g) to give a mandate to the European Commission to negotiate, in 15
liaison with the ECB, the economic policy conditionality
attached to each financial assistance, in accordance with
Article 13(3);
(h) to change the pricing policy and pricing guideline for financial
assistance, in accordance with Article 20; 20
(i) to change the list of financial assistance instruments that may be
used by the ESM, in accordance with Article 19;
(j) to establish the modalities of the transfer of EFSF support to the
ESM, in accordance with Article 40;
(k) to approve the application for membership of the ESM by new 25
members, referred to in Article 44;
(l) to make adaptations to this Treaty as a direct consequence of the
accession of new members, including changes to be made to the
distribution of capital among ESM Members and the calculation
of such a distribution as a direct consequence of the accession 30
of a new member to the ESM, in accordance with Article 44; and
(m) to delegate to the Board of Directors the tasks listed in this
Article.
7. The Board of Governors shall take the following decisions by
qualified majority: 35
(a) to set out the detailed technical terms of accession of a new
member to the ESM, in accordance with Article 44;
(b) whether to be chaired by the President of the Euro Group or to
elect, by qualified majority, the Chairperson and Vice-
Chairperson of the Board of Governors, in accordance with 40
paragraph 2;
(c) to set out by-laws of the ESM and the rules of procedure applicable
to the Board of Governors and Board of Directors
(including the right to establish committees and subsidiary
bodies), in accordance with paragraph 9; 45
40
(d) to determine the list of activities incompatible with the duties of
a Director or an alternate Director, in accordance with Article
6(8);
(e) to appoint and to end the term of office of the Managing Direc-
5 tor, in accordance with Article 7;
(f) to establish other funds, in accordance with Article 24;
(g) on the actions to be taken for recovering a debt from an ESM
Member, in accordance with Article 25(2) and (3);
(h) to approve the annual accounts of the ESM, in accordance with
10 Article 27(1);
(i) to appoint the members of the Board of Auditors, in accordance
with Article 30(1);
(j) to approve the external auditors, in accordance with Article 29;
(k) to waive the immunity of the Chairperson of the Board of Gover15
nors, a Governor, alternate Governor, Director, alternate Director
or the Managing Director, in accordance with Article 35(2);
(l) to determine the taxation regime applicable to the ESM staff, in
accordance with Article 36(5);
(m) on a dispute, in accordance with Article 37(2); and
20 (n) any other necessary decision not explicitly provided for by this
Treaty.
8. The Chairperson shall convene and preside over the meetings of
the Board of Governors. The Vice-Chairperson shall preside over
these meetings when the Chairperson is unable to participate.
25 9. The Board of Governors shall adopt their rules of procedure and
the by-laws of the ESM.
ARTICLE 6
Board of Directors
1. Each Governor shall appoint one Director and one alternate
30 Director from among people of high competence in economic and
financial matters. Such appointments shall be revocable at any time.
The alternate Directors shall have full power to act on behalf of the
Director when the latter is not present.
2. The Member of the European Commission in charge of economic
35 and monetary affairs and the President of the ECB may appoint one
observer each.
3. Representatives of non-euro area Member States participating on
an ad hoc basis alongside the ESM in a financial assistance operation
for a euro area Member State shall also be invited to participate, as
40 observers, in the meetings of the Board of Directors when this financial
assistance and its monitoring will be discussed.
4. Other persons, including representatives of institutions or organisations,
may be invited by the Board of Governors to attend meetings
as observers on an ad hoc basis.
41
5. The Board of Directors shall take decisions by qualified majority,
unless otherwise stated in this Treaty. Decisions to be taken on the
basis of powers delegated by the Board of Governors shall be
adopted in accordance with the relevant voting rules set in Article
5(6) and (7). 5
6. Without prejudice to the powers of the Board of Governors as set
out in Article 5, the Board of Directors shall ensure that the ESM is
run in accordance with this Treaty and the by-laws of the ESM
adopted by the Board of Governors. It shall take decisions as provided
for in this Treaty or which are delegated to it by the Board 10
of Governors.
7. Any vacancy in the Board of Directors shall be immediately filled
in accordance with paragraph 1.
8. The Board of Governors shall lay down what activities are incompatible
with the duties of a Director or an alternate Director, the by- 15
laws of the ESM and rules of procedure of the Board of Directors.
ARTICLE 7
Managing Director
1. The Managing Director shall be appointed by the Board of Governors
from among candidates having the nationality of an ESM 20
Member, relevant international experience and a high level of competence
in economic and financial matters. Whilst holding office, the
Managing Director may not be a Governor or Director or an alternate
of either.
2. The term of office of the Managing Director shall be five years. 25
He or she may be re-appointed once. The Managing Director shall,
however, cease to hold office when the Board of Governors so
decides.
3. The Managing Director shall chair the meetings of the Board of
Directors and shall participate in the meetings of the Board of 30
Governors.
4. The Managing Director shall be chief of the staff of the ESM. He
or she shall be responsible for organising, appointing and dismissing
staff in accordance with staff rules to be adopted by the Board of
Directors. 35
5. The Managing Director shall be the legal representative of the
ESM and shall conduct, under the direction of the Board of Directors,
the current business of the ESM.
CHAPTER 3
CAPITAL 40
ARTICLE 8
Authorised capital stock
1. The authorised capital stock shall be EUR 700 000 million. It shall
be divided into seven million shares, having a nominal value of EUR
100 000 each, which shall be available for subscription according to 45
the initial contribution key provided for in Article 11 and calculated
in Annex I.
42
2. The authorised capital stock shall be divided into paid-in shares
and callable shares. The initial total aggregate nominal value of paidin
shares shall be EUR 80 000 million. Shares of authorised capital
stock initially subscribed shall be issued at par. Other shares shall be
5 issued at par, unless the Board of Governors decides to issue them
in special circumstances on other terms.
3. Shares of authorised capital stock shall not be encumbered or
pledged in any manner whatsoever and they shall not be transferable,
with the exception of transfers for the purposes of implementing
10 adjustments of the contribution key provided for in Article 11 to the
extent necessary to ensure that the distribution of shares corresponds
to the adjusted key.
4. ESM Members hereby irrevocably and unconditionally undertake
to provide their contribution to the authorised capital stock, in
15 accordance with their contribution key in Annex I. They shall meet
all capital calls on a timely basis in accordance with the terms set out
in this Treaty.
5. The liability of each ESM Member shall be limited, in all circumstances,
to its portion of the authorised capital stock at its issue price.
20 No ESM Member shall be liable, by reason of its membership, for
obligations of the ESM. The obligations of ESM Members to contribute
to the authorised capital stock in accordance with this Treaty are
not affected if any such ESM Member becomes eligible for, or is
receiving, financial assistance from the ESM.
25 ARTICLE 9
Capital calls
1. The Board of Governors may call in authorised unpaid capital at
any time and set an appropriate period of time for its payment by
the ESM Members.
30 2. The Board of Directors may call in authorised unpaid capital by
simple majority decision to restore the level of paid-in capital if the
amount of the latter is reduced by the absorption of losses below the
level established in Article 8(2), as may be amended by the Board
of Governors following the procedure provided for in Article 10, and
35 set an appropriate period of time for its payment by the ESM
Members.
3. The Managing Director shall call authorised unpaid capital in a
timely manner if needed to avoid the ESM being in default of any
scheduled or other payment obligation due to ESM creditors. The
40 Managing Director shall inform the Board of Directors and the
Board of Governors of any such call. When a potential shortfall in
ESM funds is detected, the Managing Director shall make such capital
call(s) as soon as possible with a view to ensuring that the ESM
shall have sufficient funds to meet payments due to creditors in full
45 on their due date. ESM Members hereby irrevocably and unconditionally
undertake to pay on demand any capital call made on them
by the Managing Director pursuant to this paragraph, such demand
to be paid within seven days of receipt.
4. The Board of Directors shall adopt the detailed terms and con50
ditions which shall apply to calls on capital pursuant to this Article.
43
ARTICLE 10
Changes in authorised capital stock
1. The Board of Governors shall review regularly and at least every
five years the maximum lending volume and the adequacy of the
authorised capital stock of the ESM. It may decide to change the 5
authorised capital stock and amend Article 8 and Annex II accordingly.
Such decision shall enter into force after the ESM Members
have notified the Depositary of the completion of their applicable
national procedures. The new shares shall be allocated to the ESM
Members according to the contribution key provided for in Article 10
11 and in Annex I.
2. The Board of Directors shall adopt the detailed terms and conditions
which shall apply to all or any capital changes made under
paragraph 1.
3. Upon a Member State of the European Union becoming a new 15
ESM Member, the authorised capital stock of the ESM shall be automatically
increased by multiplying the respective amounts then prevailing
by the ratio, within the adjusted contribution key provided
for in Article 11, between the weighting of the new ESM Member
and the weighting of the existing ESM Members. 20
ARTICLE 11
Contribution key
1. The contribution key for subscribing to ESM authorised capital
stock shall, subject to paragraphs 2 and 3, be based on the key for
subscription, by the national central banks of ESM Members, of the 25
ECB’s capital pursuant to Article 29 of Protocol (No. 4) on the Statute
of the European System of Central Banks and of the European
Central Bank (the “ESCB Statute”) annexed to the Treaty on European
Union and to the TFEU.
2. The contribution key for the subscription of the ESM authorised 30
capital stock is specified in Annex I.
3. The contribution key for the subscription of the ESM authorised
capital stock shall be adjusted when:
(a) a Member State of the European Union becomes a new ESM
Member and the ESM’s authorised capital stock automatically 35
increases, as specified in Article 10(3); or
(b) the twelve year temporary correction applicable to an ESM
Member established in accordance with Article 42 ends.
4. The Board of Governors may decide to take into account possible
updates to the key for the subscription of the ECB’s capital referred 40
to in paragraph 1 when the contribution key is adjusted in accordance
with paragraph 3 or when there is a change in the authorised
capital stock, as specified in Article 10(1).
5. When the contribution key for the subscription of the ESM authorised
capital stock is adjusted, the ESM Members shall transfer 45
among themselves authorised capital stock to the extent necessary
to ensure that the distribution of authorised capital stock corresponds
to the adjusted key.
44
6. Annex I shall be amended upon decision by the Board of Governors
upon any adjustment referred to in this Article.
7. The Board of Directors shall take all other measures necessary for
the application of this Article.
5 CHAPTER 4
OPERATIONS
ARTICLE 12
Principles
1. If indispensable to safeguard the financial stability of the euro area
10 as a whole and of its Member States, the ESM may provide stability
support to an ESM Member subject to strict conditionality, appropriate
to the financial assistance instrument chosen. Such conditionality
may range from a macro-economic adjustment programme
to continuous respect of pre-established eligibility conditions.
15 2. Without prejudice to Article 19, ESM stability support may be
granted through the instruments provided for in Articles 14 to 18.
3. Collective action clauses shall be included, as of 1 January 2013,
in all new euro area government securities, with maturity above one
year, in a way which ensures that their legal impact is identical.
20 ARTICLE 13
Procedure for granting stability support
1. An ESM Member may address a request for stability support to
the Chairperson of the Board of Governors. Such a request shall
indicate the financial assistance instrument(s) to be considered. On
25 receipt of such a request, the Chairperson of the Board of Governors
shall entrust the European Commission, in liaison with the ECB,
with the following tasks:
(a) to assess the existence of a risk to the financial stability of the
euro area as a whole or of its Member States, unless the ECB
30 has already submitted an analysis under Article 18(2);
(b) to assess whether public debt is sustainable. Wherever appropriate
and possible, such an assessment is expected to be conducted
together with the IMF;
(c) to assess the actual or potential financing needs of the ESM
35 Member concerned.
2. On the basis of the request of the ESM Member and the assessment
referred to in paragraph 1, the Board of Governors may decide
to grant, in principle, stability support to the ESM Member concerned
in the form of a financial assistance facility.
40 3. If a decision pursuant to paragraph 2 is adopted, the Board of
Governors shall entrust the European Commission – in liaison with
the ECB and, wherever possible, together with the IMF – with the
task of negotiating, with the ESM Member concerned, a memorandum
of understanding (an “MoU”) detailing the conditionality
45 attached to the financial assistance facility. The content of the MoU
shall reflect the severity of the weaknesses to be addressed and the
financial assistance instrument chosen. In parallel, the Managing
45
Director of the ESM shall prepare a proposal for a financial assistance
facility agreement, including the financial terms and conditions
and the choice of instruments, to be adopted by the Board of
Governors.
The MoU shall be fully consistent with the measures of economic 5
policy coordination provided for in the TFEU, in particular with any
act of European Union law, including any opinion, warning, recommendation
or decision addressed to the ESM Member concerned.
4. The European Commission shall sign the MoU on behalf of the
ESM, subject to prior compliance with the conditions set out in para- 10
graph 3 and approval by the Board of Governors.
5. The Board of Directors shall approve the financial assistance
facility agreement detailing the financial aspects of the stability support
to be granted and, where applicable, the disbursement of the
first tranche of the assistance. 15
6. The ESM shall establish an appropriate warning system to ensure
that it receives any repayments due by the ESM Member under the
stability support in a timely manner.
7. The European Commission – in liaison with the ECB and,
wherever possible, together with the IMF – shall be entrusted with 20
monitoring compliance with the conditionality attached to the financial
assistance facility.
ARTICLE 14
ESM precautionary financial assistance
1. The Board of Governors may decide to grant precautionary finan- 25
cial assistance in the form of a precautionary conditioned credit line
or in the form of an enhanced conditions credit line in accordance
with Article 12(1).
2. The conditionality attached to the ESM precautionary financial
assistance shall be detailed in the MoU, in accordance with Article 30
13(3).
3. The financial terms and conditions of the ESM precautionary financial
assistance shall be specified in a precautionary financial assistance
facility agreement, to be signed by the Managing Director.
4. The Board of Directors shall adopt the detailed guidelines on the 35
modalities for implementing the ESM precautionary financial
assistance.
5. The Board of Directors shall decide by mutual agreement on a
proposal from the Managing Director and after having received a
report from the European Commission in accordance with Article 40
13(7), whether the credit line should be maintained.
6. After the ESM Member has drawn funds for the first time (via a
loan or a primary market purchase), the Board of Directors shall
decide by mutual agreement on a proposal from the Managing Director
and based on an assessment conducted by the European Com- 45
mission, in liaison with the ECB, whether the credit line continues
to be adequate or whether another form of financial assistance is
needed.
46
ARTICLE 15
Financial assistance for the re-capitalisation of financial institutions
of an ESM Member
1. The Board of Governors may decide to grant financial assistance
5 through loans to an ESM Member for the specific purpose of recapitalising
the financial institutions of that ESM Member.
2. The conditionality attached to financial assistance for the recapitalisation
of an ESM Member’s financial institutions shall be
detailed in the MoU, in accordance with Article 13(3).
10 3. Without prejudice to Articles 107 and 108 TFEU, the financial
terms and conditions of financial assistance for the re-capitalisation
of an ESM Member’s financial institutions shall be specified in a
financial assistance facility agreement, to be signed by the Managing
Director.
15 4. The Board of Directors shall adopt the detailed guidelines on the
modalities for implementing financial assistance for the recapitalisation
of an ESM Member’s financial institutions.
5. Where applicable, the Board of Directors shall decide by mutual
agreement, on a proposal from the Managing Director and after hav20
ing received a report from the European Commission in accordance
with Article 13(7), the disbursement of the tranches of the financial
assistance subsequent to the first tranche.
ARTICLE 16
ESM loans
25 1. The Board of Governors may decide to grant financial assistance
in the form of a loan to an ESM Member, in accordance with
Article 12.
2. The conditionality attached to the ESM loans shall be contained
in a macro-economic adjustment programme detailed in the MoU,
30 in accordance with Article 13(3).
3. The financial terms and conditions of each ESM loan shall be
specified in a financial assistance facility agreement, to be signed by
the Managing Director.
4. The Board of Directors shall adopt the detailed guidelines on the
35 modalities for implementing ESM loans.
5. The Board of Directors shall decide by mutual agreement, on a
proposal from the Managing Director and after having received a
report from the European Commission in accordance with Article
13(7), the disbursement of the tranches of the financial assistance
40 subsequent to the first tranche.
ARTICLE 17
Primary market support facility
1. The Board of Governors may decide to arrange for the purchase
of bonds of an ESM Member on the primary market, in accordance
45 with Article 12 and with the objective of maximising the cost
efficiency of the financial assistance.
47
2. The conditionality attached to the primary market support facility
shall be detailed in the MoU, in accordance with Article 13(3).
3. The financial terms and conditions under which the bond purchase
is conducted shall be specified in a financial assistance facility agreement,
to be signed by the Managing Director. 5
4. The Board of Directors shall adopt the detailed guidelines on the
modalities for implementing the primary market support facility.
5. The Board of Directors shall decide by mutual agreement, on a
proposal from the Managing Director and after having received a
report from the European Commission in accordance with Article 10
13(7), the disbursement of financial assistance to a beneficiary
Member State through operations on the primary market.
ARTICLE 18
Secondary market support facility
1. The Board of Governors may decide to arrange for operations on 15
the secondary market in relation to the bonds of an ESM Member
in accordance with Article 12(1).
2. Decisions on interventions on the secondary market to address
contagion shall be taken on the basis of an analysis of the ECB
recognising the existence of exceptional financial market circum- 20
stances and risks to financial stability.
3. The conditionality attached to the secondary market support
facility shall be detailed in the MoU, in accordance with Article
13(3).
4. The financial terms and conditions under which the secondary 25
market operations are to be conducted shall be specified in a financial
assistance facility agreement, to be signed by the Managing
Director.
5. The Board of Directors shall adopt the detailed guidelines on the
modalities for implementing the secondary market support facility. 30
6. The Board of Directors shall decide by mutual agreement, on a
proposal from the Managing Director, to initiate operations on the
secondary market.
ARTICLE 19
Review of the list of financial assistance instruments 35
The Board of Governors may review the list of financial assistance
instruments provided for in Articles 14 to 18 and decide to make
changes to it.
ARTICLE 20
Pricing policy 40
1. When granting stability support, the ESM shall aim to fully cover
its financing and operating costs and shall include an appropriate
margin.
48
2. For all financial assistance instruments, pricing shall be detailed in
a pricing guideline, which shall be adopted by the Board of
Governors.
3. The pricing policy may be reviewed by the Board of Governors.
5 ARTICLE 21
Borrowing operations
1. The ESM shall be empowered to borrow on the capital markets
from banks, financial institutions or other persons or institutions for
the performance of its purpose.
10 2. The modalities of the borrowing operations shall be determined
by the Managing Director, in accordance with detailed guidelines to
be adopted by the Board of Directors.
3. The ESM shall use appropriate risk management tools, which shall
be reviewed regularly by the Board of Directors.
15 CHAPTER 5
FINANCIAL MANAGEMENT
ARTICLE 22
Investment policy
1. The Managing Director shall implement a prudent investment
20 policy for the ESM, so as to ensure its highest creditworthiness, in
accordance with guidelines to be adopted and reviewed regularly by
the Board of Directors. The ESM shall be entitled to use part of the
return on its investment portfolio to cover its operating and administrative
costs.
25 2. The operations of the ESM shall comply with the principles of
sound financial and risk management.
ARTICLE 23
Dividend policy
1. The Board of Directors may decide, by simple majority, to distrib30
ute a dividend to the ESM Members where the amount of paid-in
capital and the reserve fund exceed the level required for the ESM
to maintain its lending capacity and where proceeds from the investment
are not required to avoid a payment shortfall to creditors. Dividends
are distributed pro rata to the contributions to the paid-in
35 capital, taking into account the possible acceleration referred to in
Article 41(3).
2. As long as the ESM has not provided financial assistance to one
of its members, the proceeds from the investment of the ESM paidin
capital shall be returned to the ESM Members according to their
40 respective contributions to the paid-in capital, after deductions for
operational costs, provided that the targeted effective lending capacity
is fully available.
3. The Managing Director shall implement the dividend policy for
the ESM in accordance with guidelines to be adopted by the Board
45 of Directors.
49
ARTICLE 24
Reserve and other funds
1. The Board of Governors shall establish a reserve fund and, where
appropriate, other funds.
2. Without prejudice to Article 23, the net income generated by the 5
ESM operations and the proceeds of the financial sanctions received
from the ESM Members under the multilateral surveillance procedure,
the excessive deficit procedure and the macro-economic
imbalances procedure established under the TFEU shall be put aside
in a reserve fund. 10
3. The resources of the reserve fund shall be invested in accordance
with guidelines to be adopted by the Board of Directors.
4. The Board of Directors shall adopt such rules as may be required
for the establishment, administration and use of other funds.
ARTICLE 25 15
Coverage of losses
1. Losses arising in the ESM operations shall be charged:
(a) firstly, against the reserve fund;
(b) secondly, against the paid-in capital; and
(c) lastly, against an appropriate amount of the authorised unpaid 20
capital, which shall be called in accordance with Article 9(3).
2. If an ESM Member fails to meet the required payment under a
capital call made pursuant to Article 9(2) or (3), a revised increased
capital call shall be made to all ESM Members with a view to ensuring
that the ESM receives the total amount of paid-in capital needed. 25
The Board of Governors shall decide an appropriate course of action
for ensuring that the ESM Member concerned settles its debt to the
ESM within a reasonable period of time. The Board of Governors
shall be entitled to require the payment of default interest on the
overdue amount. 30
3. When an ESM Member settles its debt to the ESM, as referred to
in paragraph 2, the excess capital shall be returned to the other ESM
Members in accordance with rules to be adopted by the Board of
Governors.
ARTICLE 26 35
Budget
The Board of Directors shall approve the ESM budget annually.
ARTICLE 27
Annual accounts
1. The Board of Governors shall approve the annual accounts of 40
the ESM.
50
2. The ESM shall publish an annual report containing an audited
statement of its accounts and shall circulate to ESM Members a quarterly
summary statement of its financial position and a profit and
loss statement showing the results of its operations.
5 ARTICLE 28
Internal Audit
An internal audit function shall be established according to international
standards.
ARTICLE 29
10 External audit
The accounts of the ESM shall be audited by independent external
auditors approved by the Board of Governors and responsible for
certifying the annual financial statements. The external auditors shall
have full power to examine all books and accounts of the ESM and
15 obtain full information about its transactions.
ARTICLE 30
Board of Auditors
1. The Board of Auditors shall consist of five members appointed by
the Board of Governors for their competence in auditing and finan20
cial matters and shall include two members from the supreme audit
institutions of the ESM Members — with a rotation between the
latter — and one from the European Court of Auditors.
2. The members of the Board of Auditors shall be independent. They
shall neither seek nor take instructions from the ESM governing
25 bodies, the ESM Members or any other public or private body.
3. The Board of Auditors shall draw up independent audits. It shall
inspect the ESM accounts and verify that the operational accounts
and balance sheet are in order. It shall have full access to any document
of the ESM needed for the implementation of its tasks.
30 4. The Board of Auditors may inform the Board of Directors at any
time of its findings. It shall, on an annual basis, draw up a report to
be submitted to the Board of Governors.
5. The Board of Governors shall make the annual report accessible
to the national parliaments and supreme audit institutions of the
35 ESM Members and to the European Court of Auditors.
6. Any matter relating to this Article shall be detailed in the by-laws
of the ESM.
CHAPTER 6
GENERAL PROVISIONS
40 ARTICLE 31
Location
1. The ESM shall have its seat and principal office in Luxembourg.
2. The ESM may establish a liaison office in Brussels.
51
ARTICLE 32
Legal status, privileges and immunities
1. To enable the ESM to fulfil its purpose, the legal status and the
privileges and immunities set out in this Article shall be accorded
to the ESM in the territory of each ESM Member. The ESM shall 5
endeavour to obtain recognition of its legal status and of its privileges
and immunities in other territories in which it performs functions or
holds assets.
2. The ESM shall have full legal personality; it shall have full legal
capacity to: 10
(a) acquire and dispose of movable and immovable property;
(b) contract;
(c) be a party to legal proceedings; and
(d) enter into a headquarter agreement and/or protocols as necessary
for ensuring that its legal status and its privileges and immunities 15
are recognised and enforced.
3. The ESM, its property, funding and assets, wherever located and
by whomsoever held, shall enjoy immunity from every form of
judicial process except to the extent that the ESM expressly waives
its immunity for the purpose of any proceedings or by the terms of 20
any contract, including the documentation of the funding
instruments.
4. The property, funding and assets of the ESM shall, wherever
located and by whomsoever held, be immune from search, requisition,
confiscation, expropriation or any other form of seizure, tak- 25
ing or foreclosure by executive, judicial, administrative or legislative
action.
5. The archives of the ESM and all documents belonging to the ESM
or held by it, shall be inviolable.
6. The premises of the ESM shall be inviolable. 30
7. The official communications of the ESM shall be accorded by each
ESM Member and by each state which has recognised the legal status
and the privileges and immunities of the ESM, the same treatment
as it accords to the official communications of an ESM Member.
8. To the extent necessary to carry out the activities provided for in 35
this Treaty, all property, funding and assets of the ESM shall be free
from restrictions, regulations, controls and moratoria of any nature.
9. The ESM shall be exempted from any requirement to be authorised
or licensed as a credit institution, investment services provider
or other authorised licensed or regulated entity under the laws of 40
each ESM Member.
ARTICLE 33
Staff of the ESM
The Board of Directors shall lay down the conditions of employment
of the Managing Director and other staff of the ESM. 45
52
ARTICLE 34
Professional secrecy
The Members or former Members of the Board of Governors and
of the Board of Directors and any other persons who work or have
5 worked for or in connection with the ESM shall not disclose information
that is subject to professional secrecy. They shall be required,
even after their duties have ceased, not to disclose information of
the kind covered by the obligation of professional secrecy.
ARTICLE 35
10 Immunities of persons
1. In the interest of the ESM, the Chairperson of the Board of Governors,
Governors, alternate Governors, Directors, alternate Directors,
as well as the Managing Director and other staff members shall
be immune from legal proceedings with respect to acts performed by
15 them in their official capacity and shall enjoy inviolability in respect
of their official papers and documents.
2. The Board of Governors may waive to such extent and upon such
conditions as it determines any of the immunities conferred under
this Article in respect of the Chairperson of the Board of Governors,
20 a Governor, an alternate Governor, a Director, an alternate Director
or the Managing Director.
3. The Managing Director may waive any such immunity in respect
of any member of the staff of the ESM other than himself or herself.
4. Each ESM Member shall promptly take the action necessary for
25 the purposes of giving effect to this Article in the terms of its own
law and shall inform the ESM accordingly.
ARTICLE 36
Exemption from taxation
1. Within the scope of its official activities, the ESM, its assets,
30 income, property and its operations and transactions authorised by
this Treaty shall be exempt from all direct taxes.
2. The ESM Members shall, wherever possible, take the appropriate
measures to remit or refund the amount of indirect taxes or sales
taxes included in the price of movable or immovable property where
35 the ESM makes, for its official use, substantial purchases, the price
of which includes taxes of this kind.
3. No exemption shall be granted in respect of taxes and dues which
amount merely to charges for public utility services.
4. Goods imported by the ESM and necessary for the exercise of its
40 official activities shall be exempt from all import duties and taxes
and from all import prohibitions and restrictions.
5. Staff of the ESM shall be subject to an internal tax for the benefit
of the ESM on salaries and emoluments paid by the ESM, subject to
rules to be adopted by the Board of Governors. From the date on
45 which this tax is applied, such salaries and emoluments shall be
exempt from national income tax.
53
6. No taxation of any kind shall be levied on any obligation or security
issued by the ESM including any interest or dividend thereon by
whomsoever held:
(a) which discriminates against such obligation or security solely
because of its origin; or 5
(b) if the sole jurisdictional basis for such taxation is the place or
currency in which it is issued, made payable or paid, or the
location of any office or place of business maintained by the
ESM.
ARTICLE 37 10
Interpretation and dispute settlement
1. Any question of interpretation or application of the provisions of
this Treaty and the by-laws of the ESM arising between any ESM
Member and the ESM, or between ESM Members, shall be submitted
to the Board of Directors for its decision. 15
2. The Board of Governors shall decide on any dispute arising
between an ESM Member and the ESM, or between ESM Members,
in connection with the interpretation and application of this Treaty,
including any dispute about the compatibility of the decisions
adopted by the ESM with this Treaty. The votes of the member(s) 20
of the Board of Governors of the ESM Member(s) concerned shall
be suspended when the Board of Governors votes on such decision
and the voting threshold needed for the adoption of that decision
shall be recalculated accordingly.
3. If an ESM Member contests the decision referred to in paragraph 25
2, the dispute shall be submitted to the Court of Justice of the European
Union. The judgement of the Court of Justice of the European
Union shall be binding on the parties in the procedure, which shall
take the necessary measures to comply with the judgment within a
period to be decided by said Court. 30
ARTICLE 38
International cooperation
The ESM shall be entitled, for the furtherance of its purposes, to
cooperate, within the terms of this Treaty, with the IMF, any State
which provides financial assistance to an ESM Member on an ad hoc 35
basis and any international organisation or entity having specialised
responsibilities in related fields.
CHAPTER 7
TRANSITIONAL ARRANGEMENTS
ARTICLE 39 40
Relation with EFSF lending
During the transitional phase spanning the period from the entry
into force of this Treaty until the complete run-down of the EFSF,
the consolidated ESM and EFSF lending shall not exceed EUR 500
000 million, without prejudice to the regular review of the adequacy 45
of the maximum lending volume in accordance with Article 10. The
Board of Directors shall adopt detailed guidelines on the calculation
54
of the forward commitment capacity to ensure that the consolidated
lending ceiling is not breached.
ARTICLE 40
Transfer of EFSF supports
5 1. By way of derogation from Article 13, the Board of Governors
may decide that the EFSF commitments to provide financial assistance
to an ESM Member under its agreement with that member
shall be assumed by the ESM as far as such commitments relate to
undisbursed and unfunded parts of loan facilities.
10 2. The ESM may, if authorised by its Board of Governors, acquire
the rights and assume the obligations of the EFSF, in particular in
respect of all or part of its outstanding rights and obligations under,
and related to, its existing loan facilities.
3. The Board of Governors shall adopt the detailed modalities neces15
sary to give effect to the transfer of the obligations from the EFSF
to the ESM, as referred to in paragraph 1 and any transfer of rights
and obligations as described in paragraph 2.
ARTICLE 41
Payment of the initial capital
20 1. Without prejudice to paragraph 2, payment of paid-in shares of
the amount initially subscribed by each ESM Member shall be made
in five annual instalments of 20% each of the total amount. The first
instalment shall be paid by each ESM Member within fifteen days of
the date of entry into force of this Treaty. The remaining four instal25
ments shall each be payable on the first, second, third and fourth
anniversary of the payment date of the first instalment.
2. During the five-year period of capital payment by instalments,
ESM Members shall accelerate the payment of paid-in shares, in a
timely manner prior to the issuance date, in order to maintain a mini30
mum 15% ratio between paid-in capital and the outstanding amount
of ESM issuances and guarantee a minimum combined lending capacity
of the ESM and of the EFSF of EUR 500 000 million.
3. An ESM Member may decide to accelerate the payment of its
share of paid-in capital.
35 ARTICLE 42
Temporary correction of the contribution key
1. At inception, the ESM Members shall subscribe the authorised
capital stock on the basis of the initial contribution key as specified
in Annex I. The temporary correction included in this initial contri40
bution key shall apply for a period of twelve years after the date of
adoption of the euro by the ESM Member concerned.
2. If a new ESM Member’s gross domestic product (GDP) per capita
at market prices in euro in the year immediately preceding its
accession to the ESM is less than 75% of the European Union aver45
age GDP per capita at market prices, then its contribution key for
subscribing to ESM authorised capital stock, determined in accordance
with Article 10, shall benefit from a temporary correction and
equal the sum of:
55
(a) 25% of the percentage share in the ECB capital of the national
central bank of that ESM Member, determined in accordance
with Article 29 of the ESCB Statute; and
(b) 75% of that ESM Member’s percentage share in the gross
national income (GNI) at market prices in euro of the euro area 5
in the year immediately preceding its accession to the ESM.
The percentages referred to in points (a) and (b) shall be rounded
up or down to the nearest multiple of 0,0001 percentage points. The
statistical terms shall be those published by Eurostat.
3. The temporary correction referred to in paragraph 2 shall apply 10
for a period of twelve years from the date of adoption of the euro
by the ESM Member concerned.
4. As a result of the temporary correction of the key, the relevant
proportion of shares allocated to an ESM Member pursuant to paragraph
2 shall be reallocated amongst the ESM Members not benefit- 15
ing from a temporary correction on the basis of their shareholding
in the ECB, determined in accordance with Article 29 of the ESCB
Statute, subsisting immediately prior to the issue of shares to the
acceding ESM Member.
ARTICLE 43 20
First appointments
1. Each ESM Member shall designate its Governor and alternate
Governor within the two weeks of the entry into force of this Treaty.
2. The Board of Governors shall appoint the Managing Director and
each Governor shall appoint a Director and an alternate Director 25
within the two months of the entry into force of this Treaty.
CHAPTER 8
FINAL PROVISIONS
ARTICLE 44
Accession 30
This Treaty shall be open for accession by other Member States of
the European Union in accordance with Article 2 upon application
for membership that any such Member State of the European Union
shall file with the ESM after the adoption by the Council of the
European Union of the decision to abrogate its derogation from 35
adopting the euro in accordance with Article 140(2) TFEU. The
Board of Governors shall approve the application for accession of
the new ESM Member and the detailed technical terms related
thereto, as well as the adaptations to be made to this Treaty as a
direct consequence of the accession. Following the approval of the 40
application for membership by the Board of Governors, new ESM
Members shall accede upon the deposit of the instruments of
accession with the Depositary, who shall notify other ESM
Members thereof.
56
ARTICLE 45
Annexes
The following Annexes to this Treaty shall constitute an integral
part thereof:
5 1) Annex I: Contribution key of the ESM; and
2) Annex II: Subscriptions to the authorised capital stock.
ARTICLE 46
Deposit
This Treaty shall be deposited with the General Secretariat of the
10 Council of the European Union (“the Depositary”), which shall communicate
certified copies to all the signatories.
ARTICLE 47
Ratification, approval or acceptance
1. This Treaty shall be subject to ratification, approval or acceptance
15 by the signatories. Instruments of ratification, approval or acceptance
shall be deposited with the Depositary.
2. The Depositary shall notify the other signatories of each deposit
and the date thereof.
ARTICLE 48
20 Entry into force
1. This Treaty shall enter into force on the date when instruments of
ratification, approval or acceptance have been deposited by signatories
whose initial subscriptions represent no less than 90% of the total
subscriptions set forth in Annex II. Where appropriate, the list of
25 ESM Members shall be adjusted; the key in Annex I shall then be
recalculated and the total authorised capital stock in Article 8(1) and
Annex II and the initial total aggregated nominal value of paid-in
shares in Article 8(2) shall be reduced accordingly.
2. For each signatory which thereafter deposits its instrument of
30 ratification, approval or acceptance, this Treaty shall enter into force
on the day following the date of deposit.
3. For each State which accedes to this Treaty in accordance with
Article 44, this Treaty shall enter into force on the twentieth day
following the deposit of its instrument of accession.
35 Done at Brussels on the second day of February in the year two
thousand and twelve in a single original, whose Dutch, English,
Estonian, Finnish, French, German, Greek, Irish, Italian, Maltese,
Portuguese, Slovak, Slovenian, Spanish and Swedish texts are equally
authentic, which shall be deposited in the archives of the Depositary
40 which shall transmit a duly certified copy to each of the Contracting
Parties.
57
ANNEX I
Contribution Key of the ESM
ESM Member ESM key (%)
Kingdom of Belgium 3,4771
Federal Republic of Germany 27,1464 5
Republic of Estonia 0,1860
Ireland 1,5922
Hellenic Republic 2,8167
Kingdom of Spain 11,9037
French Republic 20,3859 10
Italian Republic 17,9137
Republic of Cyprus 0,1962
Grand Duchy of Luxembourg 0,2504
Malta 0,0731
Kingdom of the Netherlands 5,7170 15
Republic of Austria 2,7834
Portuguese Republic 2,5092
Republic of Slovenia 0,4276
Slovak Republic 0,8240
Republic of Finland 1,7974 20
Total 100,0
———————————————————
58
ANNEX II
Subscriptions to the authorised capital stock
ESM Member Number of shares Capital subscription
(EUR)
5 Kingdom of Belgium 243 397 24 339 700 000
Federal Republic of 1 900 248 190 024 800 000 Germany
Republic of Estonia 13 020 1 302 000 000
10 Ireland 111 454 11 145 400 000
Hellenic Republic 197 169 19 716 900 000
Kingdom of Spain 833 259 83 325 900 000
French Republic 1 427 013 142 701 300 000
Italian Republic 1 253 959 125 395 900 000
15 Republic of Cyprus 13 734 1 373 400 000
Grand Duchy of 17 528 1 752 800 000 Luxembourg
Malta 5 117 511 700 000
20 Kingdom of the Netherlands 400 190 40 019 000 000
Republic of Austria 194 838 19 483 800 000
Portuguese Republic 175 644 17 564 400 000
25 Republic of Slovenia 29 932 2 993 200 000
Slovak Republic 57 680 5 768 000 000
Republic of Finland 125 818 12 581 800 000
Total 7 000 000 700 000 000 000
———————————————————
59