Article 1
Open ↗Article 3 of Implementing Decision 2011/77/EU is amended as follows: (1) in paragraph 8, point (c) is replaced by the following: ‘(c) the deleveraging of the domestic banks towards the nominal targets for non-core asset disposals and amortisation established under the 2011 PLAR, unless otherwise agreed with the European Commission in the context of ongoing assessments of banks’ restructuring plans, and the monitoring of banks’ progress towards the relevant Basel III liquidity and net-stable-funding ratio requirements in line with the advanced monitoring framework agreed under the programme;’; (2) paragraph 10 is replaced by the following: ‘10. Ireland shall during 2013, in line with specifications in the Memorandum of Understanding: (a) complete bank stress tests, aligned to the European Banking Authority (EBA) exercise, building on the outcomes from PCAR 2011 and the Financial Measures Programme 2012. The stress test shall be rigorous and continue to be based on robust loan-loss forecasts and a high level of transparency. The publication of the results shall be aligned with the timing of the next EBA exercise. (b) deleverage the domestic banks towards the end-2013 nominal targets for non-core asset disposals and amortisation established under the 2011 PLAR, unless otherwise agreed with the European Commission in the context of ongoing assessments of banks’ restructuring plans, and monitor banks’ progress towards the relevant Basel III liquidity and net-stable-funding ratio requirements in line with the advanced monitoring framework agreed under the programme.’.