Regulation 2012/423 - Amendment of Council Regulation (EC) No 1083/2006 as regards certain provisions relating to risk-sharing instruments for Member States experiencing or threatened with serious difficulties with respect to their financial stability - Main contents
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Regulation (EU) No 423/2012 of the European Parliament and of the Council of 22 May 2012 amending Council Regulation (EC) No 1083/2006 as regards certain provisions relating to risk-sharing instruments for Member States experiencing or threatened with serious difficulties with respect to their financial stability| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2012/423 |
| Original proposal | COM(2011)655  |
| CELEX number i | 32012R0423 |
| Document | 22-05-2012 |
|---|---|
| Publication in Official Journal | 23-05-2012; OJ L 133, 23.5.2012,Special edition in Croatian: Chapter 10 Volume 003 |
| Effect | 23-05-2012; Entry into force Date pub. See Art 2 |
| End of validity | 31-12-2013; Repealed by 32013R1303 |
23.5.2012 |
EN |
Official Journal of the European Union |
L 133/1 |
REGULATION (EU) No 423/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 22 May 2012
amending Council Regulation (EC) No 1083/2006 as regards certain provisions relating to risk-sharing instruments for Member States experiencing or threatened with serious difficulties with respect to their financial stability
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 177 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
After consulting the Committee of the Regions,
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
The unprecedented global financial crisis and economic downturn have seriously damaged economic growth and financial stability and provoked a strong deterioration in financial, economic and social conditions in several Member States. |
(2) |
Whilst important actions to counterbalance the negative effects of the crisis have already been taken, including amendments to the legislative framework, the impact of the financial crisis on the real economy, the labour market and citizens, is being widely felt. |
(3) |
Pursuant to Article 122(2) of the Treaty on the Functioning of the European Union which provides for the possibility of granting Union financial assistance to a Member State in difficulties or seriously threatened with severe difficulties caused, inter alia, by exceptional occurrences beyond its control, Council Regulation (EU) No 407/2010 (3) established a European financial stabilisation mechanism with a view to preserving the financial stability of the Union. |
(4) |
By Council Implementing Decisions 2011/77/EU (4) and 2011/344/EU (5), Ireland and Portugal, respectively, were granted financial assistance under Regulation (EU) No 407/2010. |
(5) |
Greece was already experiencing serious difficulties with respect to its financial stability before the entry into force of Regulation (EU) No 407/2010. Financial assistance to Greece could not, therefore, be based on that Regulation. |
(6) |
The Intercreditor Agreement and the Loan Facility Agreement for Greece, signed on 8 May 2010, entered into force on 11 May 2010. The Intercreditor Agreement is to remain in full force and effect for a three-year programme period, as long as there are any amounts outstanding under the Loan Facility Agreement. |
(7) |
Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States’ balances of payments (6) provides that the Council is to grant mutual assistance where a Member State which has not adopted the euro is in difficulties or is seriously threatened with difficulties as regards its balance of payments. |
(8) |
By Council Decisions 2009/102/EC (7) and 2009/459/EC (8), Hungary and Romania, respectively, were granted financial assistance under Regulation (EC) No 332/2002. |
(9) |
On 11 July 2011, finance ministers of the 17 euro area Member States signed the Treaty establishing the European Stability Mechanism (ESM). Following decisions taken by the Heads of State or Government of the euro area on 21 July and 9 December 2011, the Treaty was modified in order to improve the effectiveness of the mechanism and signed on 2 February 2012. Under that Treaty, the ESM will, by 2013, assume the tasks currently fulfilled by the European Financial Stability Facility and the European financial stabilisation mechanism. The ESM should, therefore, be taken into... |
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