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COUNCIL OF
THE EUROPEAN UNION

 

EN

Brussels, 2 December 2008

16565/08 (Presse 353)

PRESS RELEASE

Subject: The Council raises the ceiling for assistance available for a Member State in financial difficulty

The Council raises the ceiling for assistance available for a Member State in financial difficulty

The Council today adopted [1] a Regulation raising the ceiling for assistance available under the EU support facility providing medium-term balance-of-payments assistance for Member States in financial difficulty (15579/08).

The text amends Regulation (EC) No 332/2002, on which the facility is based, in order to increase the total amount of loans available to EUR 25 billion from the current EUR 12 billion.

The higher ceiling is justified by the evolution of the international economic situation and by the large number of Member States currently outside the euro area – 11 out of 27 in 2009, as against 3 out of 15 when the facility was created in 2002.

The facility was used on 4 November 2008 to grant a loan of EUR 6,5 billion to Hungary (see press release 15103/08).

 



[1]           The decision was adopted without debate at a meeting of the Economic and Financial Affairs Council.


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