{
  "url": "https://openlegislation.uk/eu-decision-2011-827/introduction",
  "json_url": "https://openlegislation.uk/eu-decision-2011-827/introduction.json",
  "legislation": "eudn/2011/827",
  "legislation_title": "Council Implementing Decision of 30 November 2011 amending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland (2011/827/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2011-827",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Council Implementing Decision\nof 30 November 2011\namending Implementing Decision 2011/77/EU on granting Union financial assistance to Ireland\n(2011/827/EU)\nTHE COUNCIL OF THE EUROPEAN UNION,\nHaving regard to the Treaty on the Functioning of the European Union,\nHaving regard to Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism, and in particular Article 3(2) thereof,\nHaving regard to the proposal from the European Commission,\nWhereas:\n(1)\nUpon a request by Ireland, the Council granted financial assistance to it (Implementing Decision 2011/77/EU) in support of a strong economic and financial 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.\n(2)\nIn line with Article 3(9) of Implementing Decision 2011/77/EU, the Commission, together with the International Monetary Fund and in liaison with the European Central Bank (ECB), conducted the fourth review of the Irish authorities’ progress in implementing the agreed measures as well as of the effectiveness and economic and social impact of those measures.\n(3)\nBank of Ireland’s remaining outstanding capital requirement has decreased from EUR 500 million to EUR 350 million due to further liability management exercises and gains from closing out of hedging contracts attached to the subordinated debt instruments.\n(4)\nThe Irish authorities have requested moving until the end of the second quarter of 2012 the deadline to prepare the legislation to strengthen the regulatory framework for the credit unions sector, to enable thorough consultation of stakeholders. In the meantime, the authorities will address the weaknesses in the most troubled credit unions while protecting deposits to ensure financial stability.\n(5)\nThe Irish authorities have requested moving until the end of the first quarter of 2012 the deadline to prepare the envisaged fiscal responsibility legislation, which will give enactment to the recent enhancements of the Stability and Growth Pact, to enable thorough discussion with stakeholders.\n(6)\nIn the light of these developments and considerations, Implementing Decision 2011/77/EU should be amended,\nHAS ADOPTED THIS DECISION:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 118, 12.5.2010, p. 1."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "OJ L 30, 4.2.2011, p. 34."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2011/827/introduction",
    "retrieved_at": "2026-11-01T15:15:36.738902+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."
}