Article 1 
1. The Community shall make available to Latvia a medium-term loan amounting to a maximum of EUR 3,1 billion, with a maximum average maturity of seven years. 2. The Community financial assistance shall be made available during a period of three years starting from the first day after the entry into force of this Decision.
Article 2 
1. The assistance shall be managed by the Commission in a manner consistent with Latvia’s undertakings and recommendations by the Council. Those conditions shall be laid down in a Memorandum of Understanding. The detailed financial terms shall be laid down by the Commission in the Loan Agreement. 2. The Commission shall, in collaboration with the EFC, verify at regular intervals that the economic policy conditions attached to the assistance are fulfilled. The Commission shall keep the EFC informed of possible refinancing of the borrowings or restructuring of the financial conditions. 3. Latvia shall be ready to adopt and implement additional consolidation measures to stabilise the economy, in case such measures will be necessary during the assistance programme. The Latvian authorities shall consult the Commission in advance of the adoption of any such additional measures.
Article 3 
1. The Community financial assistance shall be made available by the Commission to Latvia in a maximum of six instalments, the size of which will be laid down in the Memorandum of Understanding. 2. The first instalment shall be released subject to the entry into force of the Loan Agreement and Memorandum of Understanding. 3. If required in order to finance the loan, the prudent use of interest rate swaps with counterparties of highest credit quality shall be permitted. 4. The Commission shall decide on the release of further instalments after having obtained the opinion of the EFC.
Article 4 
This Decision is addressed to the Republic of Latvia.
Article 5 
This Decision shall be published in the Official Journal of the European Union .