Council Implementing Decision of 11 October 2011 amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal

• CELEX: Decision 2011/344/EU
• Articles: 3

Article 1

Article 1 of Implementing Decision 2011/344/EU is amended as follows:

(1)

paragraph 1 is replaced by the following:

‘1.   The Union shall make available to Portugal a loan amounting to a maximum of EUR 26 billion, with a maximum average maturity of 12,5 years. The maturity of individual tranches of the loan may be of up to 30 years.’;

(2)

paragraph 5 is replaced by the following:

‘5.   Portugal shall pay the cost of funding of the Union for each tranche.’.

Article 2

Article 1(1), first sentence and Article 1(5) of Implementing Decision 2011/344/EU as amended by this Decision, shall also apply to the tranches of the loan that have been disbursed before the entry into force of this Decision.

Article 3

This Decision is addressed to the Portuguese Republic.