Legal provisions of COM(2021)624 - Approval of the assessment of the recovery and resilience plan for Finland

Please note

This page contains a limited version of this dossier in the EU Monitor.

dossier COM(2021)624 - Approval of the assessment of the recovery and resilience plan for Finland.
document COM(2021)624 EN
date October  4, 2021

Contents

Article 1 - Approval of the assessment of the RRP

The assessment of the RRP of Finland on the basis of the criteria provided for in Article 19(3) of Regulation (EU) 2021/241 is approved. The reforms and investment projects under the RRP, the arrangements and timetable for the monitoring and implementation of the RRP, including the relevant milestones and targets, the relevant indicators relating to the fulfilment of the envisaged milestones and targets, and the arrangements for providing full access by the Commission to the underlying relevant data are set out in the Annex to this Decision.

Article 2 - Financial contribution

1. The Union shall make available to Finland a financial contribution in the form of non-repayable support amounting to EUR 2 085 341 084 7 . An amount of EUR 1 660 743 618 shall be available to be legally committed by 31 December 2022. If the update provided for in Article 11(2) of Regulation (EU) 2021/241 results in an updated maximum financial contribution for Finland that is equal to or more than EUR 2 085 341 084, a further amount of EUR 424 597 466 shall be available to be legally committed from 1 January 2023 until 31 December 2023. If the update provided for in Article 11(2) of Regulation (EU) 2021/241 results in an updated maximum financial contribution for Finland that is less than EUR 2 085 341 084, the difference between the updated maximum financial contribution and the amount of EUR 1 660 743 618 shall be available to be legally committed in accordance with the procedure set out in Article 20(8) of Regulation (EU) 2021/241 from 1 January 2023 until 31 December 2023.

2. The Union financial contribution shall be made available by the Commission to Finland in instalments in accordance with the Annex. An amount of EUR 271 094 341 shall be made available as a pre-financing payment, equal to 13 % of the financial contribution. The pre-financing and instalments may be disbursed by the Commission in one or several tranches. The size of the tranches shall be subject to the availability of funding.

3. The pre-financing shall be released subject to the entry into force of, and in accordance with the financing agreement. Pre-financing shall be cleared by being proportionally deducted against the payment of the instalments.

4. The release of instalments in accordance with the financing agreement shall be conditional on available funding and a decision by the Commission, taken in accordance with Article 24 of Regulation (EU) 2021/241, that Finland has satisfactorily fulfilled the relevant milestones and targets identified in relation to the implementation of the RRP. In order to be eligible for payment, Finland shall complete the milestones and targets no later than 31 August 2026, subject to the entry into force of the legal commitments referred to in paragraph 1.

Article 3 - Addressee

This Decision is addressed to the Republic of Finland.