Article 1 1. The Union shall make available to Portugal a loan amounting to a maximum of EUR 26 billion, with a maximum average maturity of 19,5 years. The maturity of individual tranches of the loan facility may be of up to 30 years.
Substituted by Council Implementing Decision of 21 June 2013 amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal (2013/323/EU).
2. The financial assistance shall be made available during three years and six weeks, starting from the first day after the entry into force of this Decision.
Substituted by Council Implementing Decision of 23 April 2014 amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal (2014/234/EU).
3. The Union financial assistance shall be made available by the Commission to Portugal in a maximum of 14 instalments. An instalment may be disbursed in one or several tranches. The maturities of the tranches under the first and second instalment 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.
Substituted by Council Implementing Decision of 2 September 2011 amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal (2011/541/EU).
4. The first instalment shall be released subject to the entry into force of the Loan Facility Agreement and the Memorandum of Understanding. Any subsequent loan releases shall be conditional upon a favourable review by the Commission, in consultation with the ECB, of Portugal’s compliance with the general economic policy conditions as defined by this Decision and the Memorandum of Understanding.
5. Portugal shall pay the cost of funding of the Union for each tranche.
Substituted by Council Implementing Decision of 11 October 2011 amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal (2011/683/EU).
6. In addition, the costs referred to in Article 7 of Regulation (EU) No 407/2010 shall be charged to Portugal.
7. If required in order to finance the loan, the prudent use of interest rate swaps with counterparties of the highest credit quality and advanced borrowing 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.
9. At the request of Portugal, 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.
Inserted by Council Implementing Decision of 21 June 2013 amending Implementing Decision 2011/344/EU on granting Union financial assistance to Portugal (2013/323/EU).