The "Law on the assumption of warranties
stabilization mechanism " is on May 22, 2010 as follows proclaimed been :
§ 1 warranty authorization
(1) The Federal Ministry of Finance is authorized to credit, one of the Member States of the euro-area established or appointed special purpose vehicle to finance emergency measures to maintain the solvency a Member State of the euro area picks up, warranty, up to 123 billion euros to take over if they are emergency measures to maintain the solvency of the Member States is necessary to ensure financial stability in the monetary union. The condition is that the affected Member State has agreed with the International Monetary Fund and the European Commission, composed of the European Central Bank is an economic and fiscal policy program and that this was approved by the States of the euro-area agreement. The threat to solvency of a Member State of the euro area has previously by the States of the euro area to the exclusion of the Member State together with the International Monetary Fund and the European Central Bank to determine consensus. Warranties under sentence 1, only 30 be taken June 2013.
(2) The assumption of warranties in paragraph 1 requires that the countries of the euro area to the exclusion of the Member State and with the participation of the European Central Bank and in consultation with the International Monetary Fund agreement agree that emergency measures after the EU Council Regulation establishing a European financial stabilization mechanism is insufficient or not fully to the threat to the solvency of the Member State to turn the euro area.
(3) A guarantee to a maximum amount of this authorization in the amount to be counted in which the federal government can be taken from it to complete. Interest and costs shall not be counted against the authorization framework.
(4) Before assumption of warranties in paragraph 1 seeks the federal government to reach consensus with the Budget Committee of the German Bundestag. The Budget Committee has a right to be. be accepted unless for compelling reasons, a warranty before making a consensus must be, the budget committee shall be informed immediately after the event, the imperative of the provision of warranties before making the agreement is to be justified in detail. The Budget Committee of the German Parliament is also informed on a quarterly basis on the guarantees assumed and the proper use.
(5) In assumption of guarantees by the Federal Ministry of Finance has the Budget Committee of the German Bundestag, the contract will be submitted via the SPV.
(6) The warranty under paragraph 1 may be exceeded in paragraph 1 shall be allocated under the conditions of § 37 paragraph 1 sentence 2 of the Federal Financial Regulation with the consent of the Budget Committee of the German Bundestag by up to 20 percent.
§ 2 Entry into force
This Act shall enter into force on the day following its promulgation.
Delivered in the Federal Law from 22.05.2010 - No. 24 - Page 627 f.
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