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16.5.2012 Official
Journal
of
the
European
Union L
129/7
REGULATION (EU) No 387/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 19 April 2012
amending Council Regulation (EC) No 1198/2006 on the European Fisheries Fund, as regards certain
provisions relating to financial management for certain Member States experiencing or threatened
with serious difficulties with respect to their financial stability
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
Member State in difficulties or seriously threatened with
EUROPEAN UNION,
severe difficulties caused inter alia by exceptional occur
rences beyond its control, Council Regulation (EU)
No 407/2010 ( 3 ) established a European financial stabili
Having regard to the Treaty on the Functioning of the European
sation mechanism, with a view to preserving the financial
Union, and in particular Article 43(2) thereof,
stability of the Union.
Having regard to the proposal from the European Commission,
(4) By
Council
Implementing
Decisions
2011/77/EU
( 4 ) and
2011/344/EU ( 5 ) respectively, Ireland and Portugal were
granted such Union financial assistance.
After transmission of the draft legislative act to the national
parliaments,
(5) Greece
was
already
experiencing
serious
difficulties
with
Having regard to the opinion of the European Economic and
respect to its financial stability before the entry into force
Social Committee (
of Regulation (EU) No 407/2010. Financial assistance to

1 ),
Greece could not, therefore, be based on that Regulation.
Acting in accordance with the ordinary legislative procedure ( 2 ),
(6) The
Intercreditor
Agreement
and
the
Loan
Facility
Agreement for Greece signed on 8 May 2010 entered
Whereas:
into force on 11 May 2010. The Intercreditor
Agreement is to remain in full force and effect for a
three-year programme period as long as there are any
(1) The
unprecedented
global
financial
crisis
and
the
amounts outstanding under the Loan Facility Agreement.
unprecedented economic downturn have seriously
damaged economic growth and financial stability and
have provoked a strong deterioration in financial and
economic conditions in several Member States. In
(7) Council
Regulation
(EC)
No
332/2002
of
18
February
2002 establishing a facility providing medium-term
particular, certain Member States are experiencing or
financial assistance for Member States’ balances of
are threatened with serious difficulties, notably
payments (
problems concerning their economic growth and

6 ) provides that the Council is to grant
mutual assistance where a Member State which has not
financial stability and a deterioration in their deficit and
adopted the euro is in difficulties or is seriously
debt position, due to the international economic and
threatened with difficulties as regards its balance of
financial environment.
payments.
(2)
Whilst important actions to counterbalance the negative
effects of the crisis have already been taken, including
(8) By
Council
Decisions
2009/102/EC
( 7 ), 2009/290/EC ( 8 )
amendments to the legislative framework, the impact of
and 2009/459/EC ( 9 ) respectively, Hungary, Latvia and
the financial crisis on the real economy, the labour
Romania were granted such Union financial assistance.
market and citizens is being widely felt. Pressure on
national financial resources is increasing and further
steps should be taken to alleviate that pressure through
the maximal and optimal use of funding from the
(9) The period during which the financial assistance is
European Fisheries Fund.
available to Ireland, Hungary, Latvia, Portugal and
Romania is set out in the relevant Council Decisions.
The period during which financial assistance was made
available to Hungary expired on 4 November 2010.
(3)
Pursuant to Article 122(2) of the Treaty on the Func
tioning of the European Union, which provides for the
possibility of granting Union financial assistance to a
( 3 ) OJ L 118, 12.5.2010, p. 1.
( 4 ) OJ L 30, 4.2.2011, p. 34.
( 5 ) OJ L 159, 17.6.2011, p. 88.
( 1 ) OJ C 24, 28.1.2012, p. 84.
( 6 ) OJ L 53, 23.2.2002, p. 1.
( 2 ) Position of the European Parliament of 14 March 2012 (not yet
( 7 ) OJ L 37, 6.2.2009, p. 5.
published in the Official Journal) and decision of the Council of
( 8 ) OJ L 79, 25.3.2009, p. 39.
22 March 2012.
( 9 ) OJ L 150, 13.6.2009, p. 8.

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L 129/8
EN
Official Journal of the European Union
16.5.2012
(10) The
period
during
which
financial
assistance
under
the
to align their targets and objectives with the decrease in
Intercreditor Agreement and the Loan Facility Agreement
the total funding available.
is available to Greece is different for each Member State
participating in those instruments.
(14) A
Member
State
making
a
request
to
the
Commission
to
benefit from a derogation under this Regulation should
submit all the information necessary to enable the
Commission to establish, by means of data on the
(11) Following
the
European
Council
Decision
of
25
March
Member State’s macroeconomic and fiscal situation,
2011, finance ministers of the 17 euro area Member
that resources for the national counterpart are not
States signed the Treaty establishing the European
available. It should also show that an increase of
Stability Mechanism on 11 July 2011. Following
payments resulting from the granting of the derogation
decisions taken by the Heads of State and Government
is necessary to safeguard the continued implementation
of the euro area Member States on 21 July and
of operational programmes and that the absorption
9 December 2011, the Treaty was modified in order to
capacity problems persist even if the maximum ceilings
improve the effectiveness of the mechanism and signed
applicable to co-financing rates laid down in Article 53(3)
on 2 February 2012. Under this Treaty, the European
of Council Regulation (EC) No 1198/2006 ( 1 ) are used.
Stability Mechanism will, by 2013, assume the tasks
currently performed by the European Financial Stability
Facility and the European Financial Stabilisation Mech
anism. This future mechanism should therefore already
(15) The
Member
State
making
a
request
to
the
Commission
be taken into account in this Regulation.
to benefit from a derogation under this Regulation
should also provide the reference to the relevant
Council Decision or other legal act pursuant to which
it is eligible to benefit from the derogation. It is necessary
for the Commission to have an appropriate period,
starting from the submission of the Member State’s
(12) In
its
conclusions
of
23
and
24
June
2011,
the
European
Council welcomed the Commission’s intention to
request, in which to verify the correctness of the
enhance the synergies between the loan programme for
information submitted and to raise any objections. In
Greece and the Union funds, and supported efforts to
order to make the derogation effective and operational,
increase Greece’s capacity to absorb Union funds, with
there should be a presumption that such a request is
the aim of stimulating growth and employment by refo
justified if the Commission does not raise an objection.
cusing on improving competitiveness and employment
If the Commission objects to the Member State’s request,
creation. Moreover, it welcomed and supported the prep
it should adopt, by way of implementing acts, a decision
aration, by the Commission, together with the Member
to this effect, stating reasons.
States, of a comprehensive programme of technical
assistance to Greece. This Regulation contributes to
such efforts to enhance synergies.
(16) The
rules
on
the
calculation
of
interim
payments
and
of
payments of the final balance for operational
programmes during the period in which the Member
States receive the Union financial assistance for
addressing serious difficulties with respect to their
(13) In
order
to
facilitate
the
management
of
Union
funding,
financial stability should be revised accordingly.
to help accelerate investments in Member States and
regions and to increase the impact of funding on the
economy, it is necessary to allow, in justified cases,
temporarily and without prejudice to the 2014 to
(17) It is necessary to ensure that there is appropriate
2020 programming period, an increase of interim
reporting on the use of the increased amounts made
payments from the European Fisheries Fund by an
available to the Member States benefiting from a
amount corresponding to 10 percentage points above
temporary increase in interim payments under this Regu
the co-financing rate applicable for each priority axis
lation.
for Member States that are facing serious difficulties
with respect to their financial stability and that have
requested to benefit from this measure, resulting in a
corresponding reduction in the national counterpart.
(18) After the end of the period during which financial
Due to the temporary nature of that increase, and in
assistance has been made available, it might be
order to maintain the original co-financing rates as the
necessary for the evaluations carried out in accordance
reference point for calculation of the temporarily
with Article 18(2) of Regulation (EC) No 1198/2006 to
increased amounts, the changes resulting from appli
assess, inter alia, whether the reduction of the national
cation of the mechanism should not be reflected in the
co-funding leads to a significant departure from the goals
financial plan included in the operational programmes.
that were initially set. Such evaluations might lead to the
However, it should be possible to update operational
revision of the operational programme.
programmes in order to concentrate the funds on
competitiveness, growth and employment, and in order
( 1 ) OJ L 223, 15.8.2006, p. 1.

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EN
16.5.2012 Official
Journal
of
the
European
Union L
129/9
(19) As the unprecedented crisis affecting international
ficiaries in respect of the priority axis and of the objective.
financial markets and the unprecedented economic
This amount must be specified by the Member State in the
downturn, which have seriously damaged the financial
statement of expenditure.
stability of several Member States, necessitate a rapid
response in order to counter the effects on the
economy as a whole, this Regulation should enter into
3. By
way
of
derogation
from
Article
53(3),
at
the
force as soon as possible. Given the exceptional circum
request of a Member State, interim payments shall be
stances of the Member States concerned, it should apply
increased by an amount corresponding to 10 percentage
retroactively, starting either from the budgetary year of
points above the co-financing rate applicable to each
2010 or from the date on which the financial assistance
priority axis, up to a maximum of 100 %, to be applied
was made available, depending on the requesting
to the amount of eligible public expenditure newly declared
Member State’s status, for the periods during which the
in each certified statement of expenditure submitted during
Member States received financial assistance from the
the period in which a Member State fulfils one of the
Union or from other euro area Member States in order
following conditions:
to address serious difficulties with respect to their
financial stability.
(a) financial assistance is made available to it under Council
Regulation (EU) No 407/2010 of 11 May 2010 estab
(20) Where
a temporary
increase
in interim payments
is
lishing a European financial stabilisation mechanism (*),
envisaged, that temporary increase should also be
or is made available to it by other euro area Member
considered in the context of the budgetary restraints
States before the entry into force of that Regulation;
facing all Member States, and those budgetary restraints
should be reflected appropriately in the general budget of
the European Union. In addition, since the main purpose
of the mechanism is to address specific current
(b) medium-term financial assistance is made available to it
difficulties, its application should be limited in time.
in accordance with Council Regulation (EC)
Therefore, the mechanism should start to apply on
No 332/2002 of 18 February 2002 establishing a
1 January 2010 and should operate for a limited
facility providing medium-term financial assistance for
period until 31 December 2013.
Member States’ balances of payments (**);
(c) financial assistance is made available to it in accordance
(21) Regulation (EC) No
1198/2006 should therefore be
with the Treaty establishing the European Stability
amended accordingly,
Mechanism signed on 2 February 2012.
HAVE ADOPTED THIS REGULATION:
4. For
the
purpose
of
calculating
interim
payments
after
the Member State ceases to benefit from the Union financial
assistance referred to in paragraph 3, the Commission shall
Article 1
not take into account the increased amounts paid in
accordance with that paragraph.
Regulation (EC) No 1198/2006 is hereby amended as follows:
However, those amounts shall be taken into account for the
(1) Articles 76 and 77 are replaced by the following:
purpose of Article 79(1).
5. The
increased
interim
payments
resulting
from
the
‘Article 76
application of paragraph 3 shall be made available within
Rules for calculating interim payments
the shortest period of time to the managing authority and
shall only be used for making payments in connection with
1. Interim
payments
shall
be
calculated
by
applying
—
to
the implementation of the operational programme.
the public contribution declared in the statement of
expenditure certified by the certifying authority under each
priority axis and under each convergence/non-convergence
objective — the co-financing rate established under the
6. In
the
context
of
the
annual
reporting
in
accordance
current financing plan for that priority axis and that
with Article 67(1), the Member States shall provide the
objective.
Commission with appropriate information on the use of
the derogation referred to in paragraph 3 of this Article,
showing how the increase in the amounts of support has
contributed to the promotion of competitiveness, growth
2. By
way
of
derogation
from
paragraph
1,
in
response
and jobs in the Member State concerned. This information
to a specific and properly grounded request by the Member
shall be taken into account by the Commission in the
State, an interim payment shall be calculated as the amount
preparation of the annual reporting provided for by
of Union assistance paid or due to be paid to the bene
Article 68(1).

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L 129/10
EN
Official Journal of the European Union
16.5.2012
Article 77
2. The
derogation
referred
to
in
Article
76(3)
and
Article 77(2) shall be granted by the Commission upon
Rules for calculating payments of the balance
the written request of a Member State fulfilling one of the
1. Payments
of
the
balance
shall
be
limited
to
whichever
conditions laid down in points (a), (b) and (c) of
of the following two amounts is smaller:
Article 76(3). That request shall be submitted by 17 July
2012 or within two months from the date on which a
Member State fulfils one of the conditions laid down in
points (a), (b) and (c) of Article 76(3).
(a) the amount calculated by applying to the public
contribution declared in the final statement of expen
diture, certified by the certifying authority under each
3. In
its
request
submitted
to
the
Commission,
the
priority axis and under each convergence/non-
Member State shall justify the necessity of the derogation
convergence objective, the co-financing rate established
referred to in Article 76(3) and Article 77(2) by providing
under the current financing plan for that priority axis
information necessary to establish:
and that objective;
(a) by means of data on its macroeconomic and fiscal situ
(b) the amount of Union assistance paid or due to be paid
ation, that resources for the national counterpart are not
to the beneficiaries in respect of each priority axis and
available;
for each objective. This amount must be specified by the
Member State in the final statement of expenditure
certified by the certifying authority in respect of each
(b) that an increase of payments referred to in Article 76(3)
priority axis and for each objective.
and Article 77(2) is necessary to safeguard the
continued implementation of operational programmes;
2. By way of derogation from Article 53(3), at the
request of a Member State, payments of the final balance
(c) that problems persist even if the maximum ceilings
shall be increased by an amount corresponding to 10
applicable to co-financing rates of Article 53(3) are
percentage points above the co-financing rate applicable
used;
to each priority axis, up to a maximum of 100 %, to be
applied to the amount of eligible public expenditure newly
declared in each certified statement of expenditure
(d) that it fulfils one of the conditions referred to in points
submitted during the period in which a Member State
(a), (b) and (c) of Article 76(3) as justified by reference
fulfils one of the conditions laid down in points (a), (b)
to a Council Decision or other legal act, as well as the
and (c) of Article 76(3).
actual date from which the financial assistance was
made available to the Member State.
3.
For the purpose of calculating the payment of the final
balance after the Member State ceases to benefit from the
The Commission shall verify whether the information
Union financial assistance referred to in Article 76(3), the
submitted justifies granting a derogation. The Commission
Commission shall not take into account the increased
shall raise any objection as to that information within 30
amounts paid in accordance with that paragraph.
days from the date of submission of the request. If the
Commission decides to object to the Member State’s
___________
request, it shall, by means of implementing acts, adopt a
(*) OJ L 118, 12.5.2010, p. 1.
decision to this effect and shall state reasons.
(**) OJ L 53, 23.2.2002, p. 1.’;
If the Commission does not raise an objection to the
Member State’s request, that request shall be deemed to
be justified.
(2) the following Article is inserted:
4. The
Member
State’s
request
shall
also
detail
the
‘Article 77a
intended use of the derogation provided for in Article 76(3)
and Article 77(2), and shall give information about comple
Limit to the Union contribution through interim
mentary measures envisaged in order to concentrate the
payments and payments of the balance
funds on competitiveness, growth and employment,
1. Notwithstanding Article 76(3) and Article 77(2), the
including, where appropriate, a modification of operational
Union contribution through interim payments and
programmes.
payments of the final balance shall not be higher than the
public contribution and the maximum amount of assistance
from the EFF for each priority axis and objective as laid
5. The
derogation
provided
for
in
Article
76(3)
and
down in the decision of the Commission approving the
Article 77(2) shall not apply to statements of expenditure
operational programme.
submitted after 31 December 2013.’.

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EN
16.5.2012 Official
Journal
of
the
European
Union L
129/11
Article 2
This Regulation shall enter into force on the day of its publication in the Official Journal of the European
Union.
However, it shall apply retroactively to the following Member States:
(a) in the cases of Ireland, Greece and Portugal, with effect from the date when the financial assistance was
made available to those Member States pursuant to Article 76(3);
(b) in the cases of Hungary, Latvia and Romania, with effect from 1 January 2010.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Strasbourg, 19 April 2012.
For the European Parliament
For the Council
The President
The President
M. SCHULZ
M. BDSKOV

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