Implementing decision 2015/1208 - Amendment of Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus - Main contents
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official title
Council Implementing Decision (EU) 2015/1208 of 14 July 2015 amending Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus| Legal instrument | implementing decision |
|---|---|
| Number legal act | Implementing decision 2015/1208 |
| Original proposal | COM(2015)237  |
| CELEX number i | 32015D1208 |
| Document | 14-07-2015; Date of adoption |
|---|---|
| Publication in Official Journal | 24-07-2015; OJ L 196 p. 10-13 |
| Effect | 17-07-2015; Takes effect Date notif. |
| End of validity | 31-12-9999 |
| Notification | 17-07-2015 |
24.7.2015 |
EN |
Official Journal of the European Union |
L 196/10 |
COUNCIL IMPLEMENTING DECISION (EU) 2015/1208
of 14 July 2015
amending Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (1), and in particular Article 7(2) and (5) thereof,
Having regard to the proposal from the European Commission,
Whereas:
(1) |
Regulation (EU) No 472/2013 applies to Member States already in receipt of financial assistance, including those from the European Stability Mechanism (ESM), at the time of its entry into force. |
(2) |
Regulation (EU) No 472/2013 sets the rules for the approval of macroeconomic adjustment programmes for Member States in receipt of financial assistance; those rules need to be consistent with the provisions of the Treaty establishing the ESM. |
(3) |
Upon a request of 25 June 2012 by Cyprus for financial assistance from the ESM, the Council decided on 25 April 2013 by Decision 2013/236/EU (2) that Cyprus was to rigorously implement a macroeconomic adjustment programme. |
(4) |
On 24 April 2013, the ESM Board of Governors decided to grant, in principle, stability support to Cyprus and approved the Memorandum of Understanding on Specific Economic Policy Conditionality and its signing by the Commission on behalf of the ESM. |
(5) |
Following the entry into force of Regulation (EU) No 472/2013, the macroeconomic adjustment programme was adopted in the form of a Council Implementing Decision (3). For reasons of legal clarity and legal certainty, the programme was readopted on the basis of Article 7(2) of Regulation (EU) No 472/2013. The substance of the programme remained identical to the one approved by Decision 2013/236/EU, but also incorporated the results of the review carried out in accordance with Article 1(2) of that Decision. At the same time, Decision 2013/236/EU was repealed. |
(6) |
Council Implementing Decision 2013/463/EU was already amended by Decision 2014/169/EU and Decision 2014/919/EU. In the light of the latest developments, it should be amended again. |
(7) |
In accordance with Article 1(2) of Implementing Decision 2013/463/EU, the Commission, in liaison with the European Central Bank (ECB) and the International Monetary Fund (IMF), has conducted the sixth review to assess the progress of the implementation of the agreed measures as well as their effectiveness and economic and social impact. As a consequence of that review, changes should be made in the areas of financial sector reform, fiscal policy and structural reforms, reflecting the steps taken by the Cypriot authorities by the first quarter of 2015, in particular with regard to: (i) continuing to closely monitor the liquidity situation of the banking sector; (ii) streamlining the regulation and supervision of insurance companies and pension funds; (iii) further measures to strengthen the banks' management of non-performing loans and ensure long-term sustainable restructuring solutions, including targets for the work-out of non-performing loans and a strategic default study; (iv) the submission of a legal proposal enabling the sale of loans; (v) the presentation of a legal proposal ensuring the transfer of issued title deeds without delay while safeguarding against abuse; (vi) the monitoring on a continuous basis of the implementation and performance of the insolvency and foreclosure frameworks, ensuring that they support their... |
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