CHAIR OF THE COUNCIL OF MINISTERS

Proposal for Law No. 23 /XI/1.

Exhibition of Motives

The economic and financial stability of the Eurozone has to be ensured, by the individual

State Member to assume its responsibilities, both at the level of development of

sans internal policies, whether through solidarity participation in scope initiatives

European who aim to safeguard that stability.

There is not currently in European law a specific regulatory framework for

resolution of crisis situations that jeopardize economic and financial stability

of the Eurozone. In that measure, and in a context in which a Member State upfront

financial difficulties that do not allow it to regulate financing by the markets

financial, the remaining Member States shall have the legal mechanisms that

allow for prompt and coordinated performance in the direction of complying with your

European bonds and guarantee financial stability in the Eurozone.

In the national framework, it stands out for the Initiative for the Strengthening of Financial Stability

(IREF) that arose in the framework of a coordinated response from the Member States of the Union

European, as an instrument of governing action to combat the effects of the crisis

international financial and response to the expected difficulties at a juncture

adverse economic.

IREF is thus an important tool already at the disposal of the Portuguese State and has

coming to be implemented in various mechanisms that allow to contribute to the

maintenance of the regular operation of financial markets.

At this time it matters to expand the subjective scope of the Initiative allowing the State to

Portuguese can associate with the remaining member states of the Eurozone in the

funding for Member States of the Euro zone who face financial difficulties

which put into question the stability of the single currency.

CHAIR OF THE COUNCIL OF MINISTERS

Proposal for Law No. 23 /XI/1.

With this Act, it may the Government to provide loans and carry out other operations of

active credit to Member States of the Eurozone, as well as providing personal guarantees of the

State to operations that target the financing of those states, with the aim of guaranteeing

the financial stability of the Eurozone.

The financing operations that the Portuguese state will be part of are coordinated with

the remaining member states of the Eurozone and with the Community instances, will not have

concessional nature and shall be subject to the adoption by the State member state to be financed from

certain conditions, in order to hold you accountable and to encourage such a rapid return

how much possible to finance by the market.

The Bank of Portugal and the Institute of Treasury and Credit Management were heard.

Public. I. P.

Thus:

Under the terms of the paragraph d) of Article 197 (1) of the Constitution, the Government presents to the

Assembly of the Republic the following proposal for a law.

Article 1.

Subject

1-The Government may, through the member of the Government responsible for the area of finance,

with the faculty of delegation, grant loans and carry out other operations of

credit active to States Members of the Euro zone and provide personal guarantees of the State

to operations that target the financing of those states, in the framework of the initiative for the

reinforcement of financial stability.

2-The conditions of the operations to be carried out in the terms of the previous number are negotiated

by the member of the Government responsible for the area of finance, with the faculty of

delegation.

Article 2.

CHAIR OF THE COUNCIL OF MINISTERS

Proposal for Law No. 23 /XI/1.

Purpose

The present law aims to allow the Portuguese state to join coordinated initiatives of the

Member states of the eurozone and other community bodies to ensure stability

economic and financial of the Eurozone.

Article 3.

Budgetary limits

The operations provided for in Article 1 benefit from budgetary and financing limits

affections to the initiative for the enhancement of financial stability.

Article 4.

Nature of operations

The financial operations to be carried out under this Act shall have non-concessional nature

and become dependent on the commitment, on the part of the member state to be financed, to adopt

measures that enable it to return, in the shortest time possible, to funding

by the markets.

Article 5.

Instruction of the processes

Verified the printability of the financing of a member state of the Eurozone

to ensure the political and financial stability of the Eurozone, by the member of the Government

responsible for the area of finance, the instruction of the lending process or

personal guarantee of the State competes with the Directorate General of the Treasury and Finance.

Article 6.

Subsidiary regime

CHAIR OF THE COUNCIL OF MINISTERS

Proposal for Law No. 23 /XI/1.

The granting of personal guarantees by the State provided for in this Law shall apply

subsidally, with the necessary adaptations and in what with this is not incompatible,

the scheme provided for in Law No 112/97 of September 16.

Article 7.

Monitoring by the Assembly of the Republic

1-The Government informs the Assembly of the Republic, within one month, of the justification,

terms and conditions of the operations carried out under this Act.

2-Semestrally, the Government informs the Assembly of the Republic of the implementation of the

operations carried out pursuant to this Law.

Article 8.

Entry into force

This Law shall come into force on the day following that of its publication.

Seen and approved in Council of Ministers of April 29, 2010

The Prime Minister

The Minister of the Presidency

The Minister of Parliamentary Affairs