23.5.2012 Official Journal of the European Union L 1331 (Legislative acts) REGULATIONS 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 (3), 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. (20 Whilst important actions to counterbalance the negative effects of the crisis have already been taken, including () OJ C 43, 15.2.2012, p. 13. (%) Position of the European Parliament of 19 April 2012 (not yet published in the Official Journal) and decision of the Council of 26 April 2012 (not yet published in the Official Journal). 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 Func- tioning 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 occur- rences beyond its control, Council Regulation (EU) No 407/2010 () established a European financial stabili- sation mechanism with a view to preserving the financial stability of the Union. 4) By Council Implementing Decisions 2011/77/EU (¥ and 2011/344/[EU (), 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. () OJ L 118, 12.5.2010, p. 1. (*) Council Implementing Decision 2011/77/EU of 7 December 2010 on granting Union financial assistance to Ireland (OJ L 30, 4.2.2011, p. 34). (>} Council Implementing Decision 2011/344[EU of 30 May 2011 on granting Union financial assistance to Portugal (O] L 159, 17.6.2011, p. 88).