Legal provisions of COM(2016)582 - Amendment of Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions

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dossier COM(2016)582 - Amendment of Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions.
document COM(2016)582 EN
date March 14, 2018

Contents

Article 1

Regulation (EC, Euratom) No 480/2009 is amended as follows:

(1)in Article 2, the following indent is added:

‘—risk-premium revenues generated under the financing operations of the EIB for which the Union provides a guarantee which is remunerated.’;

(2)in Article 3, the third paragraph is replaced by the following:

‘If the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus shall be paid back into the general budget of the European Union. That surplus shall be paid in one transaction to a special heading in the statement of revenue in the general budget of the European Union of the year n + 1 on the basis of the year-end n – 1 difference between 10 % of the Union's total outstanding capital liabilities amount and the value of the Fund's net assets, calculated at the beginning of the year n.’;

(3)Article 7 is replaced by the following:

‘Article 7

The Commission shall entrust the financial management of the Fund to the EIB.

By 30 June 2019, the Commission shall submit to the European Parliament and to the Council an independent external evaluation of the advantages and disadvantages of entrusting the financial management of the assets of the Fund and of the European Fund for Sustainable Development to the Commission, the EIB, or a combination of the two, taking into account the relevant technical and institutional criteria used in comparing asset-management services, including the technical infrastructure, a comparison of costs for the services given, the institutional set-up, reporting, performance, accountability and the expertise of each institution and the other asset-management mandates for the general budget of the European Union. The evaluation shall, where appropriate, be accompanied by a legislative proposal.’;

(4)Article 8 is replaced by the following:

‘Article 8

The Commission shall, by 31 May of each year, submit to the European Parliament, to the Council and to the Court of Auditors an annual report on the management of the Fund in the previous calendar year. The annual report shall contain a presentation of the financial position and information on the functioning of the Fund at the end of the previous calendar year, the financial flows as well as the significant transactions and any relevant information on the financial accounts, such as detailed information on the outstanding capital of guaranteed loans or the Fund's assets during the previous calendar year, as well as conclusions and lessons learned. The report shall also include information about the financial management and performance and the risk of the Fund at the end of the previous calendar year. As of 2019 and every third year thereafter, it shall also include an assessment on the adequacy of the 9 % target and the 10 % threshold for the Fund, as referred to in the second and third paragraphs of Article 3 respectively.’.

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.