Sélecteur de langues
Brussels, 29 January 2009
The Commission has found that Irish legislation from 2007 allows strategic stocks to be pledged as security for loans granted to the holder of those stocks. However, stocks held pursuant to the Directive may not be used as collateral or encumbered by any charges whatsoever. A letter of formal notice on this subject was therefore sent to the Irish authorities in May 2008.
The availability of oil stocks is a key element of the existing Community legislation. The Commission sees it as vital for Member States to ensure that stocks are available and accessible at all times and to make sure that the stocks held are fully available to be mobilised as needed in an emergency.
Ireland will have two months to respond to the reasoned opinion. The Commission will then decide whether the matter should be referred to the Court of Justice.