{
  "url": "https://openlegislation.uk/eu-decision-2009-102/introduction",
  "json_url": "https://openlegislation.uk/eu-decision-2009-102/introduction.json",
  "legislation": "eudn/2009/102",
  "legislation_title": "Council Decision of 4 November 2008 providing Community medium-term financial assistance for Hungary (2009/102/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2009-102",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Council Decision\nof 4 November 2008\nproviding Community medium-term financial assistance for Hungary\n(2009/102/EC)\nTHE COUNCIL OF THE EUROPEAN UNION,\nHaving regard to the Treaty establishing the European Community,\nHaving regard to Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States' balance of payments, and in particular Article 3(2) thereof,\nHaving regard to the proposal from the Commission made after consulting the Economic and Financial Committee (EFC),\nWhereas:\n(1)\nBy Decision 2009/103/EC, the Council decided to grant mutual assistance to Hungary.\n(2)\nDespite the expected improvement in the current account, Hungary’s external financing needs in 2008 and 2009 are estimated at EUR 20 billion as, in view of the recent developments on the financial market, the capital and financial account could substantially deteriorate, with the acceleration of net portfolio outflows.\n(3)\nIt is appropriate to provide Community support to Hungary of up to EUR 6,5 billion under the Facility providing medium-term financial assistance for Member States' balance of payments which was established by Regulation (EC) No 332/2002. That assistance should be provided in conjunction with a loan from the International Monetary Fund of SDR 10,5 billion (around EUR 12,5 billion) under a Stand-by arrangement expected to be approved on 6 November 2008. The World Bank has also agreed to provide a loan to Hungary of EUR 1 billion.\n(4)\nThe assistance should be managed by the Commission which, after consulting the EFC, should agree with the authorities of Hungary the specific economic policy conditions attached to the financial assistance. Those conditions should be laid down in a Memorandum of Understanding. The detailed financial terms should be laid down by the Commission in the Loan Agreement.\n(5)\nThe assistance should be provided with a view to supporting balance of payments sustainability in Hungary and, in this way, contributing to the successful implementation of the Government’s economic policy programme under current economic and financial conditions,\nHAS DECIDED AS FOLLOWS:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 53, 23.2.2002, p. 1."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "See page 7 of this Official Journal."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2009/102/introduction",
    "retrieved_at": "2026-11-01T15:16:34.392450+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}