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

1. (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. (2)

   paragraph 5 is replaced by the following:

   ‘5.

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