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14.10.2011 Official
Journal
of
the
European
Union L
269/31
COUNCIL IMPLEMENTING DECISION
of 11 October 2011
amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland
(2011/682/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 2011/77/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 Ireland a loan
Having regard to the proposal from the European Commission,
amounting to a maximum of EUR 22,5 billion, with a
maximum average maturity of 12,5 years. The maturity of
individual tranches of the loan facility may be of up to 30
Whereas:
years.’;
(1) Upon
a
request
by
Ireland,
the
Council
granted
financial (2) paragraph 5 is replaced by the following:
assistance to it (Implementing Decision 2011/77/EU ( 2 ))
in support of a strong economic and financial reform
‘5. Ireland
shall
pay
the
cost
of
funding
of
the
Union
for
programme aiming at restoring confidence, enabling
each tranche.’.
the return of the economy to sustainable growth, and
safeguarding financial stability in Ireland, the euro area
Article 2
and the Union.
Article 1(1), first sentence and Article 1(5) of Implementing
Decision 2011/77/EU, as amended by this Decision, shall also
(2) An
extension
of
maturities
and
a
reduction
in
the
interest apply to the tranches of the loan that have been disbursed
rate margin would be beneficial to secure the objectives
before the entry into force of this Decision.
of the programme, in line with the conclusions of the
Heads of State or Government of the euro area and
Article 3
Union institutions of 21 July 2011 regarding European
Financial Stability Facility lending.
This Decision is addressed to Ireland.
(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
2011/77/EU should be amended,
M. DOWGIELEWICZ
( 1 ) OJ L 118, 12.5.2010, p. 1.
( 2 ) OJ L 30, 4.2.2011, p. 34.

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