16.5.2012 Official Journal of the European Union L 1297 REGULATION (EU) No 3872012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 April 2012 amending Council Regulation (EC) No 1198/2006 on the European Fisheries Fund, as regards certain provisions relating to financial management for certain 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 43(2) 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), Acting in accordance with the ordinary legislative procedure (2), Whereas: (1) The unprecedented global financial crisis and the unprecedented economic downturn have seriously damaged economic growth and financial stability and have provoked a strong deterioration in financial and economic conditions in several Member States. In particular, certain Member States are experiencing or are threatened with serious difficulties, notably problems concerning their economic growth and financial stability and a deterioration in their deficit and debt position, due to the international economic and financial environment. (20 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. Pressure on national financial resources is increasing and further steps should be taken to alleviate that pressure through the maximal and optimal use of funding from the European Fisheries Fund. (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 () OJ C 24, 28.1.2012, p. 84. (3) Position of the European Parliament of 14 March 2012 (not yet published in the Oftficial Journal) and decision of the Council of 22 March 2012. P 0000000 S === | il ol onll ol el el ol =} P - 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. By Council Implementing Decisions 2011/77/EU (*) and 2011/344[EU (°) respectively, Ireland and Portugal were granted such Union financial assistance. 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. 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. Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States’ balances of payments (°) 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. By Council Decisions 2009/102/EC (), 2009/290/EC (%) and 2009/459/EC (°) respectively, Hungary, Latvia and Romania were granted such Union financial assistance. The period during which the financial assistance is available to Ireland, Hungary, Latvia, Portugal and Romania is set out in the relevant Council Decisions. The period during which financial assistance was made available to Hungary expired on 4 November 2010. 118, 12.5.2010, p. 1. 30, 4.2.2011, p. 34. 159, 17.6.2011, p. 88. 53, 23.2.2002, p. 1. 37, 6.2.2009, p. 5. 79, 25.3.2009, p. 39. 150, 13.6.2009, p. 8.