Decision 2021/1207 - Amendment of Decision 2003/77/EC laying down multiannual financial guidelines for managing the assets of the ECSC in liquidation and, on completion of the liquidation, the Assets of the Research Fund for Coal and Steel - Main contents
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Council Decision (EU) 2021/1207 of 19 July 2021 amending Decision 2003/77/EC laying down multiannual financial guidelines for managing the assets of the ECSC in liquidation and, on completion of the liquidation, the Assets of the Research Fund for Coal and Steel| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2021/1207 |
| Original proposal | COM(2020)321  |
| CELEX number i | 32021D1207 |
| Document | 19-07-2021 |
|---|---|
| Publication in Official Journal | 22-07-2021; OJ L 261 p. 47-53 |
| Effect | 11-08-2021; Entry into force Date pub. +20 See Art 2 11-08-2021; Application See Art 2 And 32021D1208 |
| End of validity | 31-12-9999 |
22.7.2021 |
EN |
Official Journal of the European Union |
L 261/47 |
COUNCIL DECISION (EU) 2021/1207
of 19 July 2021
amending Decision 2003/77/EC laying down multiannual financial guidelines for managing the assets of the ECSC in liquidation and, on completion of the liquidation, the Assets of the Research Fund for Coal and Steel
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Protocol No 37 on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, and in particular Article 2(2) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Parliament (1),
Whereas:
(1) |
To be climate-neutral by 2050, the Union needs ‘climate and resource frontrunners’ to develop the first commercial applications of breakthrough technologies in key industrial sectors by 2030, and a zero-carbon steelmaking process by 2030. |
(2) |
Pursuant to Council Decision 2003/76/EC (2), the Commission is to manage the assets of the European Coal and Steel Community (ECSC) in liquidation and, on completion of the liquidation, the assets of the Research Fund for Coal and Steel in such a manner as to ensure a long-term return. Council Decision 2003/77/EC (3) lays down the multiannual financial guidelines for managing those assets. Pursuant to Article 2 of Decision 2003/77/EC, the Commission is to review or supplement those guidelines and reassess their operation and effectiveness. |
(3) |
In order to provide meaningful support for worthwhile collaborative research projects that have the critical mass and Union added value for improving the sustainability, competitiveness, health, safety and working conditions in the sectors related to the coal and steel industry, there is a need to ensure that payments related to the annual allocation as defined and established in Article 2 of Decision 2003/76/EC until the year 2027 are provided to fund such projects. Such payments should be financed by the net revenue from the investments and by the revenues generated by selling part of the assets up to the annual amount set out by the designated service of the Commission based on Decision 2003/76/EC and Council Decision 2008/376/EC (4). |
(4) |
The experience gained over the most recent five-year period of implementation of the financial guidelines (2012–2017) and developments in financial market conditions show a need to adapt those guidelines. |
(5) |
The assets remaining after the withdrawals until 2027 related to the annual allocation established by Decision 2003/76/EC should be managed on the basis of a longer-term investment horizon, enabling further diversification. |
(6) |
On average, investing a large part of the assets over the longer term is consistent with higher expected returns, keeping in mind the possibility of increased fluctuations over the short term. Notwithstanding this, the investments should aim to ensure a sufficient amount of liquid assets for the annual payments requested by the designated service of the Commission based on Decisions 2003/76/EC and 2008/376/EC. |
(7) |
The financial guidelines should enable a more flexible approach as regards the technical aspects of implementation and should determine appropriate investment instruments to achieve the investment objectives. |
(8) |
Each asset class should not be considered alone, but by the role it plays in a diversified portfolio. Diversification between asset classes historically leads to increased returns for the same level of risk. The correlation between assets is important in making decisions related to the allocation of... |
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