New conditions in terms of financial assistance to Portugal

Copied from the COUNCIL OF THE EUROPEAN UNION, provisional version, press release, 3119th Council meeting, Luxembourg, 11 October 2011:

"PROVISIONAL VERSION 11.X.2011 ECONOMIC AND FINANCIAL AFFAIRS

Financial assistance to Ireland and Portugal

The Council adopted two decisions amending the terms of financial assistance granted to Ireland and Portugal under the European Financial Stabilisation Mechanism

The decisions extend the maximum average maturity of the loans to Ireland and Portugal to
12,5 years, while the maturity of individual tranches of the loan facilities may be of up to 30 years. The interest rate margins will be reduced to the EU's cost of funding. The extension of maturities and the reduction in the interest rate margin will also apply to the tranches that have already
been disbursed.

The decisions amend implementing decisions 2011/77/EU and 2011/344/EU on granting EU financial assistance to Ireland and Portugal. They implement conclusions reached by the euro area heads of state or government on 21 July 2011."