THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism(1), and in particular Article 3(2) thereof,
Having regard to the proposal from the European Commission,
Whereas:
(1) Upon a request by Ireland, the Council granted financial assistance to it by means of Implementing Decision 2011/77/EU(2) in support of a strong economic and reform programme aiming at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Ireland, the euro area and the Union.
(2) The Commission completed the ninth review of the Irish economic reform programme on 22 April 2013.
(3) An extension of the maximum average maturity of the EU loan would be beneficial as it would support Ireland’s efforts to regain full market access and successfully exit its programme. In order to take full benefit from the extension of the maximum average maturity of the EU loan, the Commission should be authorised to extend the maturity of instalments and tranches.
(4) In light of those developments, Implementing Decision 2011/77/EU should be amended,
HAS ADOPTED THIS DECISION: