EU: Financial Assistance to Member States

House of Lords written question – answered on 3rd July 2012.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they will press for European support for Spanish banks to be provided through the European Financial Stability Facility rather than through the European Stability Mechanism.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

On Monday 25 June 2012, Spain officially requested financial assistance from the euro area to recapitalise its banks. The decision on whether financial assistance will be funded by the European Stability Mechanism or from the European Financial Stability Facility is a matter for the euro area member states.

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