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Dublin: 6 °C Saturday 25 May, 2013

Dáil approves Ireland’s ratification of new Eurozone bailout fund

TDs vote by 114 to 22 to have Ireland participate, a move which will require €1.27bn in cash payments before 2014.

THE DÁIL has approved Ireland’s ratification of the European Stability Mechanism, the proposed new permanent Eurozone bailout fund.

TDs voted to approve the European Stability Mechanism Treaty Bill 2012 by 114 votes to 22.

Fianna Fáil joined with the government parties in approving the Bill, which was opposed by Sinn Féin and the United Left Alliance.

Other independent opponents included Shane Ross, Mick Wallace, Finian McGrath, Catherine Murphy, Tom Fleming and John Halligan.

Independents who approved the Bill include Mattie McGrath, Michael Healy-Rae, Stephen Donnelly and Noel Grealish. Former government TDs Willie Penrose, Denis Naughten and Tommy Broughan also supported the Bill.

The legislation will now be sent to the Seanad for consideration next week, with the upper house also likely to seek an early signature from the President so that Ireland will have ratified the Treaty by July 1 when it is hoped that the fund will take legal effect.

Ireland is expected to contribute €1.27 billion in cash to the fund, which will have an initial cash balance of €80 billion, over the next 18 months.

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Comments (31 Comments)

  • 30 people absent for the vote, 30 elected members on the doss.

    Reply
    • Well 6 of them are off on one of those heavily work laden “Junkets” and spending over 4500 euros per night on luxury accomadation in New York (I thinks its NY, not that it matters didely squat where it is). I would imagine they all flew 1st class so as not to mix the rabble.

      Reply
  • So when do we have to pay the €1.27 in by the first of July or can we pay in installments say 10 cent a month?

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    • Kerry – over the next 24 monthis we will be paying 11 billion euros into the ESM. The 1.27 billion that we will hand over on the 1st July IS the first instalment. Given that the money pit, thanks to Spain and Italy, is already showing a minus balance before it actually comes into existence, we can take it that the sum of 11 billion will increase drastically. When the ESM comes into effect Mario Merkel will insist on increasing the percentage of Capital Stock provided by each eurozone state. I would imagine that at some point in the next 12 months our commitment will be increased to at least 15 billion euros. But sure hey – it doesnt matter that Irish kids are going to bed hungry as long as Edna and Co. Ltd get to keep their seats on the good old gravy train. Seating reserved for them and their cronies.

      Reply
  • Yay! The future generation has another bail out to pay for.. :-(

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  • No surprise there. They had the will of the people behind them. Over 60%. I’m still glad I voted a big fat NO. Kept my Vote NO profile pic for when we have our next EUref that Enda was talking about yesterday. nnI’m only hoping that the next time we will have lost so much that the voters will feel they have nothing left to lose, and won’t be motivated by greed or fear. We have had enough of that in Ireland to last us a millennium.

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  • Rob 20/06/12 #

    €1.1bn unsecured bond payment next week… How could anyone vote for three more years of this?

    Kenny for Ex-Taoiseach 2012.

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  • This really sums up our inept Gov and how they are patently not looking out for the best interests of the Irish citizen.. If they were they would have been abreast of the situation developing at the G20 where it’s looking like a deal has materialised for ALL of the ESM and 250 billion of the EFSF to be used to bailout Spain & Italy.. Although, the use of the funds will NOT burden the citizens of Spain/Italy as the funds will be used to buy Spanish/Italian bonds so good for Spain/Italy…Us dumb Paddies are on the hook for 11 billion though as it stands as per the ESM (that is if the heads running the ESM don’t decide to change the capital requirements at a moments notice, which they can do whenever they so desire) but sure ratify away there Gov – this is the level of ineptitude and incompetence we’ve come to expect from you.. Vote Yes for Stability (in Spain/Italy) – we now stand to get absolutely diddly squat for Voting Yes but sold out once again.. at least my conscience is clear, is yours?

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  • Sad day.

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  • Of course they ratified it !

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    • Yep, Ireland will be paying 1.17 billion euros to hand straight to Italy and Spain in 4 weeks time. No money left in the pot for us, but who cares.

      And oh yeah, FFg/Labour/FF will be handing over another 1,100,000,000.00 euro next week to unsecured bondholders from Anglo. No legal requirement to do it, but FF/FF/Labour think its the right thing to do, and sure, we have loads of money anyway.
      Meanwhile that git Hogan is still terrorising 46% of the homeowners in Ireland for his banking bailout charge, sorry i mean household charge money.
      If you were reading this about any other country in the world, you would laugh your head off.

      Reply
    • Cal
      You for got to say that these guys pensions are all secure too. They will not have the worries the rest of us have or will have.

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  • Well done….Govt have signed Irelands Fiscal Death warrant….The Germans & Angular Murky must be delighted !!!

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  • Well looks like I can add another 5 years at least to my stay abroad. The more this government do the more they push young people like me further from returning. There is no future in Ireland for the youth with the way things are going.

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  • 114 traitors. That’s a lot of gallows.

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  • The government have accounted for the first payment but not where they will get the rest of the nearly 10 billion…nevermind where we will get the money when the capital calls start happening… Spain will clear whats in the fund..then what..any amount can be asked for and will have to be produced in 7 days..

    Reply
  • So after the referendum was passed by a significant majority (I know, they’re all treacherous fools) it would have made sense not to ratify this?
    You guys!

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    • The vast majority of people didn’t understand what they were voting for.

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    • Does that also apply to the no voters? Or is it only the poor saps who voted yes that just didn’t understand?

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    • Every time my red thumb count goes up a little part of me dies inside.
      Have some compassion people.

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    • censored 20/06/12 #

      Things have been changing fast. I didn’t expect the Dail not to ratify it but you ask if it makes sense. Well, no. :D

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    • Just the poor saps that voted yes ;-) But unfortunately we’ll all suffer the consequences for decades.

      “A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine.”
      “Those who surrender freedom for security will not have, nor do they deserve, either one.”
      ― Thomas Jefferson

      “The trade-off between freedom and security, so often proposed so seductively, very often leads to the loss of both.”

      “Those who would sacrifice freedom for security deserve neither”
      “They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety.”
      — BENJAMIN FRANKLIN

      Reply
    • Gagsy 99 20/06/12 #

      Somebody else said something along the lines that demovracy is the worst conceivable system of government……except for all the others.

      The real fatal flaw with democracy though is that people who disagree with me also get a vote.

      Reply
    • The fatal flaw with democracy is that we elect people who are suppose to be our voice, we vote for them based on the promises they make but once elected they do whatever the fook they want, no accountability, no one to answer too. It’s a false democracy that was created a long time a go. We need to move towards a more democratic style of government like direct democracy where people who want to have a say can be heard and listened to, the general public are a lot more educated these days and so are more capable of discussing and deciding on important issues, our elections are a farse at the moment, too many people don’t have a clue or care about what goes on and don’t vote, so take their vote away if they don’t want it and it’s too easy for government to brain wash these people into voting the way they want them too, fine Gael and co told pure BS for the last treaty and the opposition failed miserable to tell the people straight out what the consequences were, it left people scared and confused and people will always vote for what they believe is the safest option when in this state of mind, this is where the no side failed, all they could talk about was the possible negatives of voting yes instead of highlighting the definite positives of voting no. All parties are clueless at this stage and too selfish, it’s like a game between them at this stage, party politics needs to go. It’s an insult to the intelligence of the Irish people to be asked to change our constitution with a yes or no answer without our so called leader even explaining what the changes were. Also, some older people are of the opinion that they just have to vote in whatever way their party tells them too because that’s what they have done all their life, they didn’t have a clue what voting yes or no would do. We’ve been lied and cheated into selling our country to foreign banks, I don’t think ff/fg understand what they’ve done, they are too interested in their own personal finances

      “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
      Henry Ford

      Reply

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