HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 21/30
EN
Official Journal of the European Union
24.1.2013
DECISIONS
COUNCIL IMPLEMENTING DECISION
of 22 January 2013
amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland
(2013/48/EU)
THE COUNCIL OF THE EUROPEAN UNION,
deleveraging towards nominal non-core asset disposal
targets and advanced monitoring designed to ensure
that banks improve their net stable funding ratios
Having regard to the Treaty on the Functioning of the European
(NSFRs) and their liquidity coverage ratios (LCRs) would
Union,
contribute to avoiding any undue distortion in banks’
deposit pricing and prepare banks for compliance with
Basel III liquidity requirements.
Having regard to Council Regulation (EU) No 407/2010 of
11 May 2010 establishing a European financial stabilisation
mechanism ( 1 ), and in particular Article 3(2) thereof,
(5) In
light
of
those
developments
and
considerations,
Imple
menting Decision 2011/77/EU should be amended,
Having regard to the proposal from the European Commission,
HAS ADOPTED THIS DECISION:
Whereas:
Article 1
(1) Upon
a
request
by
Ireland,
the
Council
granted
financial
assistance to it by means of Implementing Decision
Article 3 of Implementing Decision 2011/77/EU is amended as
2011/77/EU ( 2 ) in support of a strong economic and
follows:
financial reform programme aiming at restoring
confidence, enabling the economy to return to
sustainable growth, and safeguarding financial stability
(1) in paragraph 8, point (c) is replaced by the following:
in Ireland, the euro area and the Union.
(2) In
line
with
Article
3(9)
of
Implementing
Decision
‘(c) the deleveraging of the domestic banks towards the
2011/77/EU, the European Commission, together with
nominal targets for non-core asset disposals and amor
the International Monetary Fund (IMF) and in liaison
tisation established under the 2011 PLAR, unless
with the European Central Bank (ECB), has conducted
otherwise agreed with the European Commission in
the eighth review of the Irish authorities’ progress on
the context of ongoing assessments of banks’ restruc
the implementation of the agreed measures as well as
turing plans, and the monitoring of banks’ progress
of the effectiveness and economic and social impact of
towards the relevant Basel III liquidity and net-stable-
those measures.
funding ratio requirements in line with the advanced
monitoring framework agreed under the programme;’;
(3) Significant
progress
has
been
made
towards
the
programme’s bank deleveraging objectives. Specifically,
(2) paragraph 10 is replaced by the following:
two domestic banks have either already met or are well
on their way towards meeting the 122,5 % loan-to-
deposit ratio (LDR) target, originally envisaged to be
met by the end of 2013. The remaining domestic bank
‘10. Ireland
shall
during
2013,
in
line
with
specifications
has completed some non-core asset disposals and its
in the Memorandum of Understanding:
programme deleveraging requirements will be reassessed
following a decision on its restructuring plan by the
European Commission.
(a) complete bank stress tests, aligned to the European
Banking Authority (EBA) exercise, building on the
outcomes from PCAR 2011 and the Financial
(4) In
view
of
that
significant
progress,
a
modification
of
Measures Programme 2012. The stress test shall be
the programme’s monitoring framework for banks’
rigorous and continue to be based on robust loan-loss
forecasts and a high level of transparency. The
( 1 ) OJ L 118, 12.5.2010, p. 1.
publication of the results shall be aligned with the
( 2 ) OJ L 30, 4.2.2011, p. 34.
timing of the next EBA exercise.

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EN
24.1.2013 Official
Journal
of
the
European
Union L
21/31
(b) deleverage the domestic banks towards the end-2013 nominal targets for non-core asset disposals
and amortisation established under the 2011 PLAR, unless otherwise agreed with the European
Commission in the context of ongoing assessments of banks’ restructuring plans, and monitor
banks’ progress towards the relevant Basel III liquidity and net-stable-funding ratio requirements
in line with the advanced monitoring framework agreed under the programme.’.
Article 2
This Decision is addressed to Ireland.
Done at Brussels, 22 January 2013.
For the Council
The President
M. NOONAN

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