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On the motion of the Finance Committee, the first reading of the draft Resolution “Increasing of the Maximum Lending Volume of the European Stability Mechanism and Making of the Second Capital Call” (286 OE), submitted by the Government, was concluded. With this Resolution, the Riigikogu grants its consent to the combined lending ceiling of the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) being set at EUR 700 billion, and consents that the maximum lending volume of ESM will be EUR 500 billion. According to the resolution of the Eurogroup, the lending capacity of the ESM and the EFSF will be increased to EUR 700 billion by mid-2013 when the ESM will achieve a lending capacity of EUR 500 billion, to which EUR 200 billion commitments of the EFSF will be added. The Riigikogu also grants its consent to acceleration of the payment of the second instalment of EUR 30 million to the ESM within fifteen days of the date of entry into force of the Treaty establishing the ESM. The second instalment in the amount of EUR 30 million is going to be paid by 12 October 2012. The draft Resolution was sent to the second reading.

The second reading of the draft Resolution is scheduled for the second additional sitting today at 3.48 p.m.

The Riigikogu Press Service