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13.12.2011 Official
Journal
of
the
European
Union
L
329/7
DECISIONS
COUNCIL IMPLEMENTING DECISION
of 30 November 2011
amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland
(2011/827/EU)
THE COUNCIL OF THE EUROPEAN UNION,
of stakeholders. In the meantime, the authorities will
address the weaknesses in the most troubled credit
unions while protecting deposits to ensure financial
Having regard to the Treaty on the Functioning of the European
stability.
Union,
(5) The
Irish
authorities
have
requested
moving
until
the
end
Having regard to Council Regulation (EU) No 407/2010 of
of the first quarter of 2012 the deadline to prepare the
11 May 2010 establishing a European financial stabilisation
envisaged fiscal responsibility legislation, which will give
mechanism ( 1 ), and in particular Article 3(2) thereof,
enactment to the recent enhancements of the Stability
and Growth Pact, to enable thorough discussion with
stakeholders.
Having regard to the proposal from the European Commission,
Whereas:
(6)
In the light of these developments and considerations,

Implementing Decision 2011/77/EU should be amended,
(1) Upon
a
request
by
Ireland,
the
Council
granted
financial
assistance to it (Implementing Decision 2011/77/EU ( 2 ))
HAS ADOPTED THIS DECISION:
in support of a strong economic and financial reform
programme aiming at restoring confidence, enabling
the return of the economy to sustainable growth, and
safeguarding financial stability in Ireland, the euro area
Article 1
and the Union.
Article 3 of Implementing Decision 2011/77/EU is hereby
amended as follows:
(2) In
line
with
Article
3(9)
of
Implementing
Decision
2011/77/EU, the Commission, together with the Inter
national Monetary Fund and in liaison with the European
Central Bank (ECB), conducted the fourth review of the
(1) in paragraph 7, point (g) is replaced by the following:
Irish authorities’ progress in implementing the agreed
measures as well as of the effectiveness and economic
and social impact of those measures.
‘(g) the recapitalisation of the domestic banks by the end of
July 2011 (subject to appropriate adjustment for
expected asset sales and liability management
(3) Bank
of Ireland’s remaining outstanding capital
exercises in the cases of Irish Life & Permanent and
requirement has decreased from EUR 500 million to
Bank of Ireland) in line with the findings of the
EUR 350 million due to further liability management
2011 Prudential Liquidity Assessment Review (PLAR)
exercises and gains from closing out of hedging
and Prudential Capital Assessment Review (PCAR), as
contracts attached to the subordinated debt instruments.
announced by the Central Bank of Ireland on 31 March
2011. To allow further burden sharing, the final EUR
0,35 billion step in recapitalising Bank of Ireland shall
(4) The
Irish
authorities
have
requested
moving
until
the
end
be completed by the end of 2011 and any further
of the second quarter of 2012 the deadline to prepare
recapitalisation of Irish Life & Permanent shall be
the legislation to strengthen the regulatory framework for
completed following the disposal of the insurance arm;’;
the credit unions sector, to enable thorough consultation
( 1 ) OJ L 118, 12.5.2010, p. 1.
( 2 ) OJ L 30, 4.2.2011, p. 34.
(2) in paragraph 7, points (e) and (p) are deleted;

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L 329/8
EN
Official Journal of the European Union
13.12.2011
(3) in paragraph 8, the following points are added:
taking into account the revised economic governance
reforms at Union level and build on reforms already in
place.’.
‘(d) the submission of legislation to the Oireachtas to assist
the credit unions with a strengthened regulatory
Article 2
framework including more effective governance and
This Decision is addressed to Ireland.
regulatory requirements;
Article 3
This Decision shall be published in the Official Journal of the
(e) the adoption of measures reinforcing a credible
European Union.
budgetary strategy and strengthening the budgetary
framework. Ireland shall adopt and implement the
fiscal rule that any additional unplanned revenues in
2011-2015 will be allocated to deficit and debt
Done at Brussels, 30 November 2011.
reduction. Ireland shall introduce a Fiscal Responsibility
Bill including provisions for a medium-term budgetary
For the Council
framework with binding multiannual ceilings on expen
diture in each area, fiscal rules and assure the Fiscal
The President
Advisory Council’s independence. This shall be made
J. VINCENT-ROSTOWSKI

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