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At the second extraordinary session which began today at 4.10 p.m., the Riigikogu approved with 59 votes in favour (34 against, one abstention) the Act on Ratification and Implementation of the Treaty Establishing the European Stability Mechanism (254 SE), initiated by the Government. 

With the Act, the Republic of 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 on the basis of Article 41(1) of the Treaty 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. 

The Act provides that when amendments of the Treaty arise from decisions on changing the maximum lending volume or financial assistance instruments, or the authorised capital stock of the ESM is increased, the Government of the Republic will submit the amendments to the Treaty to the Riigikogu for ratification. 

In connection with participation in the ESM, the State Budget Act and the Riigikogu Rules of Procedure and Internal Rules Act were amended. The Act provides for a considerable increase of the competence of the Riigikogu also in issues concerning draft memorandums of understanding and amendments thereto which need an urgent decision for which a decision of the plenary assembly is needed. In connection with a need to make urgent decisions, the Act amended the rules of procedure of the Riigikogu which enables to conduct legislative proceedings in such decisions with one reading. The Act imposes an obligation on the Government to give an oral overview relating to the ESM at a sitting of the plenary assembly once a year. The Act determines 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 Act provides that all decisions on the assumption of financial obligations for the state are made by the plenary assembly. With the ratification of the ESM, a legislative frame is established and primary obligations are assumed, and a decision on the assumption of proprietary obligations will be made again with regard to every new state which applies for assistance. 

Kaia Iva, Kadri Simson, Jaanus Tamkivi and Rannar Vassiljev took the floor during the debate. 

The sitting ended at 4.40 p.m. 

The Riigikogu Press Service