Regulation 2018/409 - Amendment of Council Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions - Main contents
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official title
Regulation (EU) 2018/409 of the European Parliament and of the Council of 14 March 2018 amending Council Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2018/409 |
| Original proposal | COM(2016)582  |
| CELEX number i | 32018R0409 |
| Document | 14-03-2018; Date of signature |
|---|---|
| Publication in Official Journal | 19-03-2018; OJ L 76 p. 1-2 |
| Signature | 14-03-2018 |
| Effect | 08-04-2018; Entry into force Date pub. +20 See Art 2 |
| End of validity | 31-07-2021; Implicitly repealed by 32021R0947 |
19.3.2018 |
EN |
Official Journal of the European Union |
L 76/1 |
REGULATION (EU) 2018/409 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 14 March 2018
amending Council Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 209 and 212 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Acting in accordance with the ordinary legislative procedure (1),
Whereas:
(1) |
The Guarantee Fund for external actions (the ‘Fund’) is regulated by Council Regulation (EC, Euratom) No 480/2009 (2). |
(2) |
The Fund is endowed by one annual payment from the general budget of the Union, by interest on Fund resources invested and by amounts recovered from defaulting debtors. |
(3) |
Risk-premium revenues generated under the financing operations of the European Investment Bank (EIB) that benefit from a Union budgetary guarantee should be paid into the Fund. |
(4) |
Where the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus should be paid back into the general budget of the Union in order to better protect the general budget of the Union against potential additional risk of default of the EIB financing operations addressing the long-term economic resilience of refugees, migrants, host and transit communities, and communities of origin as a strategic response to addressing root causes of migration. |
(5) |
Regulation (EC, Euratom) No 480/2009 should therefore be amended accordingly, |
HAVE ADOPTED THIS REGULATION:
Article 1
Regulation (EC, Euratom) No 480/2009 is amended as follows:
(1) |
in Article 2, the following indent is added:
|
(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... |
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