Explanatory Memorandum to COM(2010)551 - Financial contributions to be paid by the Member States to finance the European Development Fund (3rd instalment 2010)

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dossier COM(2010)551 - Financial contributions to be paid by the Member States to finance the European Development Fund (3rd instalment 2010).
source COM(2010)551 EN
date 07-10-2010
In accordance with Article 57(5) of the EDF Financial Regulation, this proposal covers:

the amount of the third instalment of the contribution for 2010 ("n+1" in the sense of the permanent procedures laid down in that Article);

In accordance with Article 57(7) of the EDF Financial Regulation, the amount managed by the Commission and the amount managed by the EIB are specified for each.

In accordance with Article 145 of the EDF Financial Regulation, the EIB has sent the Commission its updated estimates of commitments and payments under the instruments it manages.

In accordance with Article 57(5) of the EDF Financial Regulation, the Council must decide on this proposal at the latest 21 calendar days following the presentation by the Commission of its proposal and Member States must pay the third instalment of the contribution at the latest 21 calendar days following the date on which the Council decision is notified to them.

Article 58 i of the Financial Regulation provides that calls for contributions first use up the amounts laid down for previous EDFs, one after the other. The calls for contributions in this proposal therefore concern amounts under the 9th EDF.

Note that Article 60 i of the EDF Financial Regulation provides that a Member State which fails to pay the instalment of the contribution due by the deadline will be required to pay interest on the amount unpaid; the arrangements for the payment of interest are specified in the same Article.