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At its extraordinary session which began today at 10.00 p.m., the Riigikogu concluded the second reading of the Bill on Ratification and Implementation of the Treaty Establishing the European Stability Mechanism (254 SE), initiated by the Government, and sent it to the third reading. 

The Chairman of the Finance Committee Sven Sester gave an overview of the discussions that had been held in the Committee. The Finance Committee had reviewed the twelve motions to amend that had been submitted and several motions had been accepted in substance. On the motion of the Committee, several amendments had also been made in the Bill, according to which the State Budget Act and the Riigikogu Rules of Procedure and Internal Rules Act would be amended in connection with participation in the ESM. According to the amendments, the Bill provides for a considerable increase of the competence of the Riigikogu, and approving of draft memorandums of understanding and amendments thereto which need an urgent decision will also be brought to the plenary assembly. In connection with a need to make urgent decisions, the rules of procedure of the Riigikogu will be amended so as to enable to conduct legislative proceedings in such decisions with one reading. The Bill provides an obligation of the Government to give an oral overview relating to the ESM at a sitting of the plenary assembly once a year. The amendments submitted by the Committee restrict the range of the decisions subject to confidentiality relating to memorandums in the case of which the Government can turn to the European Union Affairs Committee for an opinion. 

The Bill provides that all decisions on the assumption of financial obligations for the state will be made by the plenary assembly. With the ratification of the ESM, a legislative frame will be established and primary obligations will be assumed, and a decision on the assumption of proprietary obligations will be made again with regard to every new state which applies for assistance. 

According to the Bill, Estonia agrees to participate in the European Stability Mechanism to the extent of 13,020 shares with a nominal value of 1.320 billion euro, of which 148.8 million euro will be contributed as paid-in capital within five years as of the entry into force of the Treaty and 1.1532 billion euro will be contributed as calls of capital on receipt of a capital call pursuant to the Treaty. 

Urve Palo, Rainer Vakra, Eiki Nestor, Jüri Ratas, Andres Herkel, Aivar Sõerd, Marika Tuus-Laul, Juku-Kalle Raid, Igor Gräzin and Tõnis Lukas took the floor during the debate. 

The third reading of the Bill is scheduled for the extraordinary session today at 4.10 p.m. 

The Riigikogu Press Service