belgiquelex.be - Carrefour Bank of Legislation 26 SEPTEMBER 2011. - An Act to amend the Act of 2 November 2010 relating to the participation of the Belgian State in the anonymous company "European Financial Stability Facility" and to the granting of the State guarantee to the financial instruments issued by that company (1)
ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER 1
er. - Introductory provisions
Article 1
er. This Act regulates a matter referred to in Article 78 of the Constitution.
Art. 2. In Article 2 of the Act of 2 November 2010 on the participation of the Belgian State in the anonymous society "European Financial Stability Facility" and the granting of the State guarantee to the financial instruments issued by that company, the following amendments are made:
(a) 1° is replaced by the following:
« 1° EFSF SA: the anonymous Luxembourg law company "European Financial Stability Facility" constituted on 7 June 2010 to provide financial assistance to the member states of the euro zone who are in financial difficulties. For the purpose of financing or providing financial assistance, the corporation may issue financial instruments; »;
(b) the 2° is replaced by the following:
"2° framework agreement: the agreement of 7 June 2010 between the member states of the euro zone and the EFSF SA, noting the terms of granting financial assistance by the EFSF SA, the terms and conditions for the issuance of financial instruments by the EFSF SA, the structure of the guarantee of the member states of the euro zone attached to these financial instruments, as well as the rules governing the agreements including the rules governing the agreements »;
(c) the article is supplemented by a 5° written as follows:
"5° the financial assistance: the financial assistance defined in the framework agreement, which can be provided in diver-ses forms, in particular in the form of loans to the member states of the euro zone who are in financial difficulties, guarantee of their commitments, recapitalization of their financial institutions, purchase on the primary or secondary market of financial instruments they have issued. »
Art. 3. In section 4 of the Act, the following amendments are made:
1° in paragraph 2, the words "120 %" are replaced by the words "165%";
2° in paragraph 3, the words "15.292.180.000 euros" are replaced by the words "34.500.000.000 euros".
Art. 4. Section 5 of the Act is replaced by the following:
“Art. 5. The King may, by order deliberately in the Council of Ministers, authorize the Minister of Finance to perform at the request of EFSF SA any financial management operation. »
Art. 5. In the same Act, an article 6/1 is inserted, as follows:
"Art. 6/1. From 1
er July 2013, all the rights and obligations of EFSF SA relating to unpaid and unfunded shares of existing loan facilities may be transferred to the European Stability Mechanism established by the Treaty of 11 July 2011 establishing the European Stability Mechanism, which will resume the functions of EFSF SA.
The EFSF SA will remain in place after that date for the management of current receivables until the funding granted to the Member States of the euro zone who have made the application, has been fully reimbursed to the EFSF and has itself reimbursed its liabilities for the issued financial instruments, as well as any obligation to reimburse the guarantors. »
Art. 6. This Act comes into force on the day of its publication in the Belgian Monitor.
Promulgation of this law, let us order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 26 September 2011.
ALBERT
By the King:
Deputy Prime Minister and Minister of Finance and Institutional Reforms,
D. REYNDERS
Seal of the state seal:
Minister of Justice,
S. DE CLERCK
____
Note
(1) 2010-2011 session.
Room.
Documents. - Bill, 53 1715/001. - Amendments, 53 1715/002. - Report, 53 1715/003. - Text adopted by the Commission, 53 1715/004.
See also:
Full report. - 13 September 2011.
Senate.
S. 5-1219
