Article 1
Article 3 of Implementing Decision 2011/77/EU is hereby amended as follows: (1) in paragraph 7, point (g) is replaced by the following: ‘(g) the recapitalisation of the domestic banks by the end of July 2011 (subject to appropriate adjustment for expected asset sales and liability management exercises in the cases of Irish Life & Permanent and Bank of Ireland) in line with the findings of the 2011 Prudential Liquidity Assessment Review (PLAR) and Prudential Capital Assessment Review (PCAR), as 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 be completed by the end of 2011 and any further recapitalisation of Irish Life & Permanent shall be completed following the disposal of the insurance arm;’; (2) in paragraph 7, points (e) and (p) are deleted; (3) in paragraph 8, the following points are added: ‘(d) the submission of legislation to the Oireachtas to assist the credit unions with a strengthened regulatory framework including more effective governance and regulatory requirements; (e) the adoption of measures reinforcing a credible 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 reduction. Ireland shall introduce a Fiscal Responsibility Bill including provisions for a medium-term budgetary framework with binding multiannual ceilings on expenditure in each area, fiscal rules and assure the Fiscal Advisory Council’s independence. This shall be made taking into account the revised economic governance reforms at Union level and build on reforms already in place.’.