Sinn Féin is deliberately misleading voters by repeatedly falsely claiming that Ireland has a veto on the establishment of the European Stability Mechanism (ESM), according to Fianna Fáil Finance Spokesperson Michael McGrath.

Deputy McGrath stated, “Sinn Féin is not willing to allow the Irish people decide what way to vote on May 31st based on the facts, and is instead intent on misleading people into believing that Ireland can block the establishment the Europe’s permanent bailout mechanism, the ESM.

“The independent Referendum Commission has confirmed that Ireland does not have a veto on the establishment of the ESM and that we will not be able to access the fund if we vote No on May 31st.

“The ESM Treaty does not require unanimity to enter into force. The fund can be established once the ESM Treaty has been ratified by euro member states representing 90% of the ESM capital commitments. Ireland represents only 1.592%.

“Sinn Féin has claimed that Ireland can stop the ESM being established by exercising a veto in respect of the amendment to Article 136 of the Treaty on the Functioning of the European Union (TFEU). This is not the case. The amendment to Article 136 is not a precondition for the ESM being established.

“The cornerstone of Sinn Féin’s campaign – that in some way Ireland can block the setting up of the ESM – has been exposed as a fallacy. However, it seems this will not stop the party from trying to mislead the Irish people right up to May 31st.