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Greece First Austerity Package and Committments

Greece First Austerity Package and Committments

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Published by Imogen Spedding
Greece First Austerity Package and Committments
Greece First Austerity Package and Committments

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Published by: Imogen Spedding on Jul 20, 2013
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04/04/2014

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————————
Number 
7
of 
2010————————
EURO AREA LOAN FACILITY ACT 2010
————————
ARRANGEMENT OF SECTIONS
Intercreditor Agreement
Loan Facility Agreement
————————1
 
————————
Number 
7
of 
2010
————————
EURO AREA LOAN FACILITY ACT 2010
————————
AN ACT TO FACILITATE IN THE PUBLIC INTEREST THESAFEGUARDING OF THE FINANCIAL STABILITY OFTHE EURO AREA AS A WHOLE AND FOR THAT PUR-POSE TO ENABLE PAYMENTS TO BE MADE OUT OFTHE CENTRAL FUND OR THE GROWING PRODUCEOF THAT FUND SO AS TO ENABLE EFFECT TO BEGIVEN IN THE STATE TO THE INTERCREDITORAGREEMENT REGARDING THE POOLED BILATERALLOANS FOR THE BENEFIT OF THE HELLENICREPUBLIC MADE BY AND BETWEEN CERTAINMEMBER STATES OF THE EUROPEAN UNION,INCLUDING THE STATE, AND FOR THAT PURPOSEAND IN ACCORDANCE WITH ARTICLE 2 OF THATAGREEMENT TO ENABLE EFFECT TO BE GIVEN, INSO FAR AS IT RELATES TO THE STATE, TO THE LOANFACILITY AGREEMENT REFERRED TO IN THATARTICLE, TO PROVIDE FOR ALL RECEIPTSRECEIVED IN RESPECT OF MONEYS ADVANCEDUNDER THIS ACT TO BE PAID INTO THE EXCHEQUERAND TO PROVIDE FOR RELATED MATTERS.[20
th May
, 2010]BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
1
.
In this Act
Intercreditor Agreement
means the Intercreditor Agreementregarding the pooled bilateral loans for the benefit of the HellenicRepublic which was signed by the Minister on behalf of the State on7 May 2010, the text of which is set out in
Schedule 1
;
loan facility
has the meaning assigned by
section 2
;
Loan Facility Agreement
means the Agreement referred to inArticle 2 of the Intercreditor Agreement, entered into by
(
a
) the Hellenic Republic as borrower and the Bank of Greece, as agent to the borrower, on the one part, and(
b
) the other Member States of the Euro Area represented bythe European Commission (acting as agent for thoseEuro Area Member States, other than the FederalRepublic of Germany) and KfW (acting in the publicinterest, subject to the instructions of and with the benefit3
Definitions.

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