Legal provisions of COM(2015)372 - Amendment of Council Regulation (EU) No 407/2010 establishing a European financial stabilisation mechanism

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dossier COM(2015)372 - Amendment of Council Regulation (EU) No 407/2010 establishing a European financial stabilisation mechanism.
document COM(2015)372 EN
date August  4, 2015

Contents

Article 1

In Article 3 of Regulation (EU) No 407/2010, the following paragraph is inserted:

‘2a.   Where the beneficiary Member State is a Member State whose currency is the euro, the granting of Union financial assistance shall be conditional upon the enactment of legally binding provisions, with a dedicated arrangement for that purpose having been put in place prior to disbursement, guaranteeing that the Member States whose currency is not the euro are immediately and fully compensated for any liability they may incur as a result of any failure by the beneficiary Member State to repay the financial assistance in accordance with its terms.

Appropriate arrangements shall also be put in place so as to ensure the absence of overcompensation of Member States whose currency is not the euro, when instruments to protect the general budget of the Union, including the recovery of debt, where necessary by offsetting amounts receivable and payments over time, are activated.’.

Article 2

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.