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Official Journal of the European Union
14.10.2011
COUNCIL IMPLEMENTING DECISION
of 11 October 2011
amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal
(2011/683/EU)
THE COUNCIL OF THE EUROPEAN UNION,
HAS ADOPTED THIS DECISION:
Having regard to the Treaty on the Functioning of the European
Article 1
Union,
Article 1 of Implementing Decision 2011/344/EU is amended
as follows:
Having regard to Council Regulation (EU) No 407/2010 of
11 May 2010 establishing a European financial stabilisation
(1) paragraph 1 is replaced by the following:
mechanism ( 1 ), and in particular Article 3(2) thereof,
‘1. The
Union
shall
make
available
to
Portugal
a
loan
Having regard to the proposal from the European Commission,
amounting to a maximum of EUR 26 billion, with a
maximum average maturity of 12,5 years. The maturity of
Whereas:
individual tranches of the loan may be of up to 30 years.’;

(2) paragraph 5 is replaced by the following:
(1) Upon
a
request
by
Portugal,
the
Council
granted
financial
assistance to it (Implementing Decision 2011/344/EU ( 2 ))
in support of a strong economic and financial reform
‘5. Portugal shall pay the cost of funding of the Union
programme aiming at restoring confidence, enabling
for each tranche.’.
the return of the economy to sustainable growth, and
safeguarding financial stability in Portugal, the euro
Article 2
area and the Union.
Article 1(1), first sentence and Article 1(5) of Implementing
Decision 2011/344/EU as amended by this Decision, shall
(2) An
extension
of
maturities
and
a
reduction
in
the
interest also apply to the tranches of the loan that have been
rate margin would be beneficial to secure the
disbursed before the entry into force of this Decision.
programme’s objectives, in line with the conclusions of
the Heads of State or Government of the euro area and
Union institutions of 21 July 2011 regarding European
Article 3
Financial Stability Facility lending.
This Decision is addressed to the Portuguese Republic.
(3) In
order
to
enhance
liquidity
and
sustainability
objectives,
the extension of maturities and the reduction in the
Done at Luxembourg, 11 October 2011.
interest rate margin should also apply to the tranches
that have already been disbursed.
For the Council
(4) In
light
of
these
developments,
Implementing
Decision
The President
2011/344/EU should be amended,
M. DOWGIELEWICZ
( 1 ) OJ L 118, 12.5.2010, p. 1.
( 2 ) OJ L 159, 17.6.2011, p. 88.

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