
Article 1 
Article 1 of Implementing Decision 2011/344/EU is amended as follows:

((1)) paragraph 1 is replaced by the following:
'
1. The Union shall make available to Portugal a loan amounting to a maximum of EUR 26 billion, with a maximum average maturity of 12,5 years. The maturity of individual tranches of the loan may be of up to 30 years.';
((2)) paragraph 5 is replaced by the following:
'
5. Portugal shall pay the cost of funding of the Union for each tranche.'.
Article 2 
Article 1(1), first sentence and Article 1(5) of Implementing Decision 2011/344/EU as amended by this Decision, shall also apply to the tranches of the loan that have been disbursed before the entry into force of this Decision.
Article 3 
This Decision is addressed to the Portuguese Republic.
Done at Luxembourg, 11 October 2011.
For the Council
The President
M. DOWGIELEWICZ