Government to submit statement to Parliament on loan package to Spain
The Government of Finland will submit a government statement to the Finnish Parliament on the loan package to Spain next week.
- In accordance with our Government Programme, Finland may participate in the loan package, channelled through the European Financial Stability Facility, on the condition that Spain provides collateral to Finland for its share of the bailout. This requirement, as recorded in the Government Programme, is unambiguous and already known to all euro countries, says Prime Minister Katainen.
The euro area finance ministers (the Eurogroup), meeting on 9 July, reached a preliminary agreement on the programme designed to help Spain recapitalise and restructure its financial institutions. The final approval of the programme is expected by 20 July, following national parliamentary procedures.
Provided that agreement on collateral is reached, the Government will hold, on Wednesday 18 July, an extraordinary government plenary session to submit a government statement to Parliament on the loan package. Following an agreement on collateral, Prime Minister Katainen proposes that Speaker of Parliament Eero Heinäluoma summons Parliament to discuss the statement on Thursday 19 July.
As agreed by the Eurogroup, the loan package to Spain will be implemented under the European Financial Stability Facility (EFSM) until the European Stability Mechanism (EMS) is up and running. In Finland, the act on the government guarantees to the European Financial Stability Facility stipulates that the Government submit a government statement to Parliament prior to making any decision on such guarantees.
Inquiries: Joonas Turunen, Special Adviser, Parliamentary Affairs, tel. +358 40 542 5935 and Pasi Rajala, Special Adviser, EU Affairs, tel. +358 400 464 393, Prime Minister’s Office