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[F11. The Union shall make available to Ireland a loan amounting to a maximum of EUR 22,5 billion, with a maximum average maturity of 19,5 years. The maturity of individual tranches of the loan facility may be up to 30 years.]
[F22. The financial assistance shall be made available during 3 years and 2 months starting from the first day after the entry into force of this Decision.]
[F33. The Union financial assistance shall be made available by the Commission to Ireland in a maximum of 13 instalments. An instalment may be disbursed in one or several tranches. The maturities of the tranches under the first and third instalments may be longer than the maximum average maturity referred to in paragraph 1. In such cases, the maturities of further tranches shall be set so that the maximum average maturity referred to in paragraph 1 be achieved once all instalments have been disbursed.]
4.The first instalment shall be released subject to the entry into force of the Loan Agreement and the Memorandum of Understanding. Any subsequent loan releases shall be conditional upon a favourable quarterly assessment by the Commission, in consultation with the ECB, of Ireland’s compliance with the general economic policy conditions as defined by this Decision and the Memorandum of Understanding.
[F45. Ireland shall pay the cost of funding of the Union for each tranche.]
6.In addition, costs referred to in Article 7 of Regulation (EU) No 407/2010 shall be charged to Ireland.
7.If required in order to finance the loan, the prudent use of interest rate swaps with counterparties of the highest credit quality shall be permitted.
8.The Commission shall decide on the size and release of further instalments. The Commission shall decide on the size of the tranches.
[F59. At the request of Ireland, the Commission may extend the maturity of an instalment or a tranche, provided that the maximum average maturity as set out in paragraph 1 is respected. The Commission may refinance all or part of its borrowing for that purpose. Any amounts borrowed in advance shall be kept on an account with the ECB that the Commission has opened for the administration of the financial assistance.]
Textual Amendments
F1 Substituted by Council Implementing Decision of 21 June 2013 amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland (2013/313/EU).
F2 Substituted by Council Implementing Decision of 22 October 2013 amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland (2013/525/EU).
F3 Substituted by Council Implementing Decision of 2 September 2011 amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland (2011/542/EU).
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