In accordance with paragraph 3 of Article 12 of the modified version of The Treaty establishing the European Stability Mechanism (ESM), endorsed on the 2^nd February 2012 by all 17 euro area Member States, it has become mandatory for such Member States to include the Model Collective Action Clauses (CACs) in all new euro area government debt securities with maturity above one year, issued on or after 1^st January 2013.

The full CAC terms and conditions can be accessed by clicking on the PDF files hereunder:

CACs – Model Text