European Financial Stability Facility and Euro Area Loan Facility (Amendment) Act 2011
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Amendment of Euro Area Loan Facility Act 2010. |
2.— (1) The references to the Loan Facility Agreement in the Euro Area Loan Facility Act 2010 include the Amendment to the Loan Facility Agreement of June 2011 and that Act shall be construed accordingly. | |
(2) The purposes of subsection (1) include enabling the State to make the payments provided for in— | ||
(a) the Intercreditor Agreement, and | ||
(b) the Loan Facility Agreement, as amended by the Amendment referred to in that subsection. | ||
(3) In this section— | ||
“Amendment to the Loan Facility Agreement of June 2011” means the Amendment to the EUR 80 000 000 000 Loan Facility Agreement done in Brussels on 14 June 2011 and in Athens on 10 June 2011 entered into by— | ||
(a) the Hellenic Republic as borrower and the Bank of Greece, as agent to the borrower, on the one part, and | ||
(b) the other Member States of the Euro Area represented by the European Commission (acting as agent for those Euro Area Member States, other than the Federal Republic of Germany) and KfW (acting in the public interest, subject to the instructions of and with the benefit of the guarantee of the Federal Republic of Germany) as lenders on the other part, | ||
the text of which (including the Annexes) is set out in Schedule 2 ; | ||
“Intercreditor Agreement” has the same meaning as in the Euro Area Loan Facility Act 2010 ; | ||
“Loan Facility Agreement” has the same meaning as in the Euro Area Loan Facility Act 2010 . |