PRINGLE CALLS ON GOVERNMENT TO CLARIFY ESM DOUBLE PAYMENT

Thomas Pringle TD has today called on the Government to clarify how payments will be made to the European Stability Mechanism (ESM) following a report suggesting that there is a double payment due this month.

Speaking on the matter today, the Independent TD for Donegal South West stated: “A Dutch Government report to Parliament on the Cyprus meetings last month suggests that there has been a decision to double up on the first two stage payments to the ESM, which would mean that Ireland has to pay €508 million.

They appear to be demanding the payment that was not made in July-because the ESM was not in force-should now be made, as well as what they call the ‘October payment’,” explained Pringle.

“The initial schedule was accelerated last March, with the doubling up of payments now meaning that Ireland is being asked to hand over half a billion euro in three weeks’ time.”

“The ESM plans to meet and launch on 8 October. The treaty says first payments are due fifteen days after launch. Coincidentally that is 23 October, the day my case is being heard in the ECJ in Luxembourg.

Earlier this week we saw the payment of a €1 billion unsecured, unguaranteed bond. Now we are being demanded to pay €508 million to cover a period of time when the ESM wasn’t even in force.”

“It is therefore of the upmost importance that this Government states, as a matter of urgency, how much it is paying to the ESM-and from where-in advance of the legality of the ESM being considered by the ECJ,” stated Pringle.

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