Memo: EU and EFSF funding plans to provide financial assistance for Portugal and Ireland

Following the formal request for financial assistance made on 7 April 2011 by the Portuguese authorities, the terms and conditions of the financial assistance package were agreed by the Eurogroup and the EU's Council of Economics and Finance Ministers on 17 May.

The financial package will cover Portugal’s financing needs of up to €78 billion. The European Union (EU), through the use of the European Financial Stabilisation Mechanism (EFSM), and the European Financial Stability Facility (EFSF) will both provide up to €26 bn each to be disbursed over 3 years. Further support will be made available through the International Monetary Fund (IMF) for up to €26 bn.