20.12.2011 Official Journal of the European Union L 337/5 REGULATION (EU) No 1311/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2011 amending Council Regulation (EC) No 1083/2006 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 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. In particular, certain Member States are experiencing serious difficulties or are threatened with such difficulties, notably with problems concerning their economic growth and financial stability and with a deterioration in their deficit and debt position, also due to the international economic and financial environment. 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 rapidly to alleviate that pressure through the maximal and optimal use of funding from the Structural Funds and the Cohesion Fund. 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 (") Opinion of 27 October 2011 (not yet published in the Official Journal). (3) Position of the European Parliament of 1 December 2011 (not yet published in the Official Journal) and decision of the Council of 12 December 2011. severe difficulties caused by exceptional occurrences beyond its control, Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism (}) established such a mechanism with a view to preserving the financial stability of the Union. By Council Implementing Decisions 2011/77/EU (*) and 2011/344[EU () Ireland and Portugal, respectively, were granted such 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, concluded on 8 May 2010, entered into force on 11 May 2010. Provision is made for the Intercreditor Agreement 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 medium-term financial 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 (°), Hungary, Latvia and Romania, respectively, were granted such financial assistance. The period during which 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. L 118, 12.5.2010, p. 1. L 30, 4.2.2011, p. 34. L 159, 17.6.2011, p. 88. L 53, 23.2.2002, p. 1. L 37, 6.2.2009, p. 5. L 79, 25.3.2009, p. 39. L 150, 13.6.2009, p. 8.