No. 37 of 2004 - Council of Europe Development Bank Act, 2004
What does this law do?
This new Act provides the legal framework for Irelands membership of the Council of Europe Development Bank. The Act also provides for the necessary payments toward the cost of Irelands membership of the Bank. The Council of Europe Development Bank is the oldest international financial institution in Europe and the only one with an exclusively social remit. The Bank grants loans and guarantees to its member states, to local authorities and to financial institutions for the financing of social projects in clearly defined fields, chiefly relating to refugees and migrants, natural or ecological disasters, and the improvement of social cohesion through job supports for Small and Medium Sized Enterprises (SMEs), vocational training, social housing, health and education. The Bank funds its activities through funds raised on the international finance markets, on the basis of member states contributions to the capital of the bank. The Bank is the financial instrument of the policy of solidarity developed by the Council of Europe. Irelands membership is therefore a valuable expression of our commitment to that solidarity and social cohesion in a wider Europe.
Contact Department: Department of Finance
Signed by the President on: 27.11.04