Regulation (EC) No 332/2002 is hereby amended as follows:

in Article 1(1), the second subparagraph shall be replaced by the following:

‘The outstanding amount of loans to be granted to Member States under this facility shall be limited to EUR 50 billion in principal.’;

Article 3(2) shall be replaced by the following:

‘2. The Member State seeking medium-term financial assistance shall discuss with the Commission an assessment of its financial needs and submit a draft adjustment programme to the Commission and the Economic and Financial Committee. The Council, after examining the situation in the Member State concerned and the adjustment programme presented in support of its application, shall decide, as a rule during the same meeting:

whether to grant a loan or appropriate financing facility, its amount and its average duration;

the economic policy conditions attached to the medium-term financial assistance with a view to re-establishing or ensuring a sustainable balance of payments situation;

the techniques for disbursing the loan or financing facility, the release or drawing-down of which shall, as a rule, be by successive instalments, the release of each instalment being subject to verification of the results achieved in implementing the programme in terms of the objectives set.’;

the following Article shall be inserted:

COUNCIL REGULATION (EC) No 431/2009 of 18 May 2009 amending Regulation (EC) No 332/2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments