Yes vote is the only way to guarantee access to the ESM – O'Mahony

Fine Gael Mayo TD John O’Mahony has said that a Yes vote in the Stability Treaty Referendum is the only way to guarantee we have access to the ESM, Europe’s new bailout fund. Deputy O’Mahony, added that despite what Sinn Féin and others may claim, the situation has been clarified by the Referendum Commission.

“There has been a huge amount of misinformation in recent days on the ESM, Europe’s new €700 billion fund. The ESM is a bit like an insurance policy; we don’t plan to use it, but it’s very important to be able to access it should we need it.

“The only way to guarantee access to the ESM is to ratify the Stability Treaty. This has been unequivocally clarified by the Referendum Commission – an independent body. It has stated that the granting of financial assistance from the ESM will be conditional on the ratification of the Stability Treaty. Yet despite this extremely clear position, those opposing the treaty continue to claim other options will be available.

“Let’s be clear about this; we will need to borrow about €19 billion in 2014, when our current funding runs out. The Government intends to raise this money on the financial markets, but if that proves difficult the ESM will be available to us – only if we ratify the Stability Treaty. Those opposing the treaty cannot explain where we would get this €19 billion if we follow their approach.

“A Yes vote will bring about stability and certainty; a No vote is a massive gamble, which will shake investor confidence and undermine our economic recovery. Those advocating this approach cannot claim to have the country’s best interests at heart.

“I am encouraging everyone across Mayo to vote Yes on May 31 as it is the only way to guarantee sources of funding to run this country in the future. A Yes vote will be a key step on our economic recovery as we rebuild a working Ireland.”

 

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