Delegated Legislation — Financial Assistance to Ireland and Portugal — 11 Oct 2011 at 21:58

That this House takes note of European Union Documents No. 9776/11 relating to a Draft Council implementing Decision on granting Union financial assistance to Portugal, No. 9780/2/11, relating to a Council implementing Decision on granting Union financial assistance to Portugal, and No. 9777/11 relating to a draft Council implementing Decision amending implementing Decision 2011/77/EU of 7 December 2010 on granting Union financial assistance to Ireland; notes the importance of financial stability in the Euro area for the UK; welcomes the recent steps being taken by the governments of Ireland and Portugal to promote growth and return their economies to a sustainable path; welcomes the Government’s success in securing agreement that the European Financial Stabilisation Mechanism will cease to exist once the permanent, Euro area-only, European Stability Mechanism becomes operational in July 2013; and that Article 122(2) of the Treaty on the Functioning of the EU, the basis for the emergency arrangements, will no longer be needed for such purposes.-(Bill Wiggin.)

The House divided:

Ayes 271, Noes 22.

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