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Dail Éireann · 2024-11-06

European Bank for Reconstruction and Development: Motion

FG Helen McEntee · Meath East · Minister for Justice

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Subject to the same conditions, the purpose of the Bank may also be carried out in (i) Mongolia; (ii) member countries of the Southern and Eastern Mediterranean; and (iii) a limited number of member countries of sub-Saharan Africa; in each case under (ii) and (iii) as determined by the Bank upon the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members.

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eastern 5
countries 8
shall 6
bank 6
reconstruction 3
mongolia 2
sub-saharan 2
agreement 5
mediterranean 2
recipient 2
follows 3
three-fourths 1

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FG Helen McEntee this contribution

I move:

That Dáil Éireann approves, having regard to the definition of "the Agreement" in section 1 of the European Bank for Reconstruction and Development Act 1991 (No. 1 of 1991) (inserted by section 5 of the Finance (State Guarantees, International Financial Institution Funds Miscellaneous Provisions) Act 2024 (No. 3 of 2024)), the proposed amendments to Articles 1 and 12.1 of the Agreement establishing the European Bank for Reconstruction and Development, the terms of which amendments shall read as follows:

(i) "Article 1 of the Agreement shall be amended to read as follows: 'In contributing to economic progress and reconstruction, the purpose of the Bank shall be to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the principles of multiparty democracy, pluralism and market economics. Subject to the same conditions, the purpose of the Bank may also be carried out in (i) Mongolia; (ii) member countries of the Southern and Eastern Mediterranean; and (iii) a limited number of member countries of sub-Saharan Africa; in each case under (ii) and (iii) as determined by the Bank upon the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. Accordingly, any reference in this Agreement and its annexes to "Central and Eastern European countries", "countries from Central and Eastern Europe", "recipient country (or countries)" or "recipient member country (or countries)" shall refer to Mongolia and each of such countries of the Southern and Eastern Mediterranean and sub-Saharan Africa as well.'."; and

(ii) "Article 12.1 of the Agreement shall be amended by deleting its existing text and introducing a new text as follows: '1. The Board of Directors shall establish and maintain appropriate limits with respect to capital adequacy metrics, in order to protect the financial soundness and sustainability of the Bank.'.".

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