Press Release: Ireland ordered to amend legislation that allows its oil stocks to be used as collateral

The European Commission decided to send a reasoned opinion to Ireland on the grounds that its national legislation does not comply with the EU Directive on emergency oil stocks. Community law requires Member States to hold a minimum level of oil stocks. It also requires the stocks held to be fully at the disposal of Member States in the event of oil supply difficulties. Irish law allows stocks to be used as collateral, which means that they are not fully available to be mobilised as needed in an emergency, which breaches Community law.