Legal provisions of COM(2020)754 - Proposal for a COUNCIL IMPLEMENTING DECISION granting temporary support under Regulation 2020/672 to Ireland to mitigate unemployment risks in the emergency following COVID-19

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dossier COM(2020)754 - Proposal for a COUNCIL IMPLEMENTING DECISION granting temporary support under Regulation 2020/672 to Ireland to mitigate ...
document COM(2020)754 EN
date December  4, 2020

Contents

Article 1

Ireland fulfils the conditions set out in Article 3 of Regulation (EU) 2020/672.

Article 2

1. The Union shall make available to Ireland a loan amounting to a maximum of EUR 2 473 887 900. The loan shall have a maximum average maturity of 15 years.

2. The availability period for financial assistance granted by this Decision shall be 18 months starting from the first day after this Decision has taken effect.

3. The Union financial assistance shall be made available by the Commission to Ireland in a maximum of eight instalments. An instalment may be disbursed in one or several tranches. The maturities of the tranches under the first instalment may be longer than the maximum average maturity referred to in paragraph 1. In such cases, the maturities of further tranches shall be set so that the maximum average maturity referred to in paragraph 1 is respected once all instalments have been disbursed.

4. The first instalment shall be released subject to the entry into force of the loan agreement provided for in Article 8(2) of Regulation (EU) 2020/672.

5. Ireland shall pay the cost of the funding of the Union referred to in Article 4 of Regulation (EU) 2020/672 for each instalment plus any fees, costs and expenses of the Union resulting from any funding related to the loan granted under paragraph 1 of this Article.

6. The Commission shall decide on the size and release of instalments, as well as on the size of the tranches.

Article 3

Ireland may finance the Temporary Wage Subsidy Scheme, which subsidises a portion of the employer wage bill in circumstances where the employer’s business has been affected by the restrictions introduced due to the COVID-19 crisis and where the employment relationship is maintained, as provided for in the Emergency Measures in the Public Interest (Covid-19) Act 2020 (Article 28) ‘Covid-19: temporary wage subsidy provisions’.

Article 4

This Decision is addressed to Ireland.

This Decision shall take effect on the date of its notification to the addressee.

Article 5

This Decision shall be published in the Official Journal of the European Union.