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FINANCIAL STATEMENTS OF THE EUROPEAN COAL AND STEEL COMMUNITY FOR 1979 AND 1980

IN ACCORDANCE WITH UNDERTAKINGS GIVEN BY THE COMMISSION ON BEHALF OF THE EUROPEAN COAL AND STEEL COMMUNITY ( ECSC ) WITHIN THE CONTEXT OF ITS BORROWING ACTIVITIES , THE FOLLOWING ACCOUNTS OF THE ECSC FOR THE FINANCIAL YEARS 1979 AND 1980 , DRAWN UP IN CONFORMITY WITH ARTICLE 78 ( D ) OF THE TREATY ESTABLISHING THE ECSC , ARE PUBLISHED HEREWITH :

- BALANCE SHEETS OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1980 AND 31 DECEMBER 1979 ;

- STATEMENT OF REVENUES AND EXPENDITURES FOR THE YEARS 1980 AND 1979 ;

- STATEMENT OF ALLOCATION OF FUNDS - EXCESS OF REVENUES OVER EXPENDITURES FOR THE YEARS 1980 AND 1979 .

THESE FINANCIAL STATEMENTS ARE ALSO ACCOMPANIED BY THE REPORT OF THE COURT OF AUDITORS , FORESEEN BY ARTICLE 78 ( F ) 5 OF THE ECSC TREATY , DEALING WITH THE FINANCIAL OPERATIONS OF THE ECSC FOR THE YEAR 1980 , WITH THE EXCEPTION OF THOSE RELATING TO REVENUE AND EXPENDITURE OF AN ADMINISTRATIVE NATURE .

BALANCE SHEET AT 31 DECEMBER 1980 AND 31 DECEMBER 1979

( EUROPEAN UNITS OF ACCOUNT )

ASSETS

*1980*1979*

CASH AND BALANCES WITH CENTRAL BANKS*5 760 379*466 829*

LOANS AND ADVANCES TO CREDIT INSTITUTIONS***

REPAYABLE ON DEMAND*24 838 983*24 060 906*

WITH AGREED MATURITY DATES OR PERIODS OF NOTICE*523 345 753*424 331 208*

*548 184 736*448 392 114*

DEBT SECURITIES HELD IN PORTFOLIO ( NOTE 1 ) *264 243 139*206 634 624*

LOANS OUTSTANDING ( NOTE 2 ) *5 514 673 415*4 793 911 983*

UNAMORTIZED ISSUING COSTS AND REIMBURSEMENT PREMIUMS ( NOTE 3 ) *72 722 065*70 902 275*

BANKS DEPOSITS FOR COUPONS AND SECURITIES DUE BUT NOT PRESENTED FOR PAYMENT*55 471 293*40 376 952*

LAND AND BUILDINGS ( NOTE 4 ) *286 389*260 752*

OTHER ASSETS ( NOTE 5 ) *25 201 409*32 069 955*

ACCRUED INCOME ( NOTE 6 ) *155 563 851*128 356 011*

*6 642 106 676*5 721 371 495*

LIABILITIES

*1980*1979*

COUPONS AND SECURITIES DUE BUT NOT PRESENTED FOR PAYMENT*55 471 223*40 376 859*

AMOUNTS OWED TO CREDIT INSTITUTIONS***

REPAYABLE ON DEMAND WITH AGREED MATURITY DATES OR***

PERIODS OF NOTICE* - *8 268 671*

MEDIUM - AND LONG-TERM BORROWINGS ( NOTE 7 ) *5 405 735 297*4 675 047 371*

OTHER LIABILITIES*14 823 929*3 850 471*

ACCRUED INTEREST AND COMMISSION PAYABLE ( NOTE 8 ) *224 587 699*166 822 885*

TOTAL LIABILITIES DUE TO THIRD PARTIES*5 700 618 148*4 894 366 257*

COMMITTMENTS CONCERNING THE ECSC OPERATIONAL BUDGET ( NOTE 9 ) ***

FINANCIAL AID*376 741 857*310 021 337*

OTHER*119 259 059*105 033 906*

*496 000 916*415 055 243*

RESERVES ( NOTE 10 ) ***

GUARANTEE FUND*260 000 000*230 000 000*

SPECIAL RESERVE*143 500 000*140 000 000*

FORMER PENSION FUND*41 847 043*41 530 962*

*445 347 043*411 530 962*

UNALLOCATED SURPLUS OF REVENUE*140 569*419 033*

*6 642 106 676*5 721 371 495*

EUROPEAN COAL AND STEEL COMMUNITY

COMMISSION OF THE EUROPEAN COMMUNITIES

FRANCOIS-XAVIER ORTOLI

VICE-PRESIDENT OF THE COMMISSION

A . NICOLETTI

DIRECTOR-GENERAL FOR CREDIT AND INVESTMENTS

THE ACCOMPANYING NOTES WHICH REFER TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 1980 FORM AN INTEGRAL PART OF THESE ACCOUNTS . FOR THE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 1979 REFER TO THE FINANCIAL REPORT OF THE ECSC FOR THE YEAR 1979 .

THE PRESENTATION OF THE ANNUAL ACCOUNTS WAS MODIFIED BETWEEN 1979 AND 1980 . IN ORDER TO PERMIT A COMPARISON BETWEEN THE ACCOUNTS FOR BOTH FINANCIAL YEARS , THE ACCOUNTS AS AT 31 DECEMBER 1979 ARE PUBLISHED ABOVE IN THE SAME FORM AS THOSE AS AT 31 DECEMBER 1980 . THE ACCOUNTS AS AT 31 DECEMBER 1979 AND ITS ANNEXES HAVE BEEN PUBLISHED IN THEIR FORMER PRESENTATION IN THE ECSC FINANCIAL REPORT FOR THE YEAR 1979 .

REVENUE AND EXPENDITURE FOR THE YEARS ENDED 31 DECEMBER 1980 AND 31 DECEMBER 1979

( EUROPEAN UNITS OF ACCOUNT )

EXPENDITURE

*1980*1979*

INTEREST PAID*429 401 595*363 208 185*

COMMISSIONS PAID*3 870 354*3 864 210*

CONTRIBUTION TO ADMINISTRATION COSTS ( NOTE 11 ) *5 000 000*5 000 000*

VALUE ADJUSTMENTS FOR LOSSES ON LOANS AND PROVISIONS FOR GENERAL RISKS RELATING TO ECSC ACTIVITIES*11 572 097*800 000*

VALUE ADJUSTMENTS IN RESPECT OF SECURITIES ( NOTE 12 ) *580 265*10 387 724*

REALIZED LOSSES IN RESPECT OF SECURITIES ( NOTE 13 ) *941 235* - *

AMORTIZATION OF ISSUING COSTS AND REIMBURSEMENT PREMIUMS ( NOTE 3 ) *16 052 529*14 510 254*

OTHER CHARGES*439 909*462 587*

RESEARCH EXPENDITURE*40 962 596*33 101 821*

REHABILITATION EXPENDITURE*35 667 540*33 020 436*

ASSISTANCE TO COKING COAL PLANTS*10 942 478*4 570 486*

INTEREST SUBSIDIES UNDER ARTICLE 54*7 437 504*5 374 622*

INTEREST SUBSIDIES UNDER ARTICLE 56*10 593 799*6 399 500*

LOSS ON EXCHANGE*1 691 396*279 923*

SURPLUS OF REVENUES OVER EXPENDITURE*114 483 290*104 050 368*

*689 636 587*585 048 116*

REVENUE

*1980*1979*

INTEREST RECEIVED ( NOTE 14 ) *538 682 392*445 380 452*

PROFIT ON REPURCHASED SECURITIES ( NOTE 7 ) *4 110 303*2 739 281*

MISCELLANEOUS*2 239 285*4 514 726*

LEVY AND FINES ( NOTE 15 ) *116 604 607*104 041 363*

REALIZED GAINS IN RESPECT OF SECURITIES* - *372 294*

CONTRIBUTIONS FROM MEMBER STATES*28 000 000*28 000 000*

*689 636 587*585 048 116*

EUROPEAN COAL AND STEEL COMMUNITY

COMMISSION OF THE EUROPEAN COMMUNITIES

FRANCOIS-XAVIER ORTOLI

VICE-PRESIDENT OF THE COMMISSION

A . NICOLETTI

DIRECTOR-GENERAL FOR CREDIT AND INVESTMENTS

STATEMENT OF ALLOCATION OF FUNDS - EXCESS OF REVENUE OVER EXPENDITURE FOR THE YEARS ENDED 31 DECEMBER 1980 AND 31 DECEMBER 1979

( EUROPEAN UNITS OF ACCOUNT )

*1980*1979*

SURPLUS OF REVENUE OVER EXPENDITURE AT 1 JANUARY*419 033*113 045*

SURPLUS OF REVENUE OVER EXPENDITURE FOR THE YEAR , TO BE ALLOCATED*114 483 290*104 050 368*

TOTAL AVAILABLE FOR ALLOCATION*114 902 323*104 163 413*

ALLOCATION : ( NOTE A ) ***

GUARANTEE FUND*30 000 000*30 000 000*

SPECIAL RESERVE*3 500 000*1 500 000*

FORMER PENSION FUND*316 081*468 300*

FINANCIAL AIDS*66 720 520*42 937 063*

OTHER*14 225 153*28 839 017*

*114 761 754*103 744 380*

SURPLUS OF NON-ALLOCATED REVENUE OVER EXPENDITURE AT 31 DECEMBER*140 569*419 033*

NOTES TO FINANCIAL STATEMENTS AS AT 31 DECEMBER 1980

( EUROPEAN UNITS OF ACCOUNT )

A . PRESENTATION OF FINANCIAL STATEMENTS

THE EUROPEAN COAL AND STEEL COMMUNITY ( ECSC ) WAS ESTABLISHED BY THE TREATY OF 18 APRIL 1951 . THE PURPOSE OF THE ECSC UNDER THE TREATY IS TO AID THE ECONOMIC DEVELOPMENT OF THE MEMBER STATES THROUGH THE CREATION OF A COMMON MARKET FOR COAL AND STEEL . THE ECSC'S PRINCIPAL SOURCES OF FUNDS ARE THE LEVIES WHICH IT IMPOSES AND BORROWINGS ON THE FINANCIAL MARKET AND DIRECT FROM BANKS .

THE ACCOUNTS TO 31 DECEMBER 1980 INCLUDE THE ALLOCATION OF 1980 NET INCOME .

ACCOUNTS TO 31 DECEMBER 1980 ARE PRESENTED IN ACCORDANCE WITH THE COMMISSION'S PROPOSAL FOR A COUNCIL DIRECTIVE CONCERNING THE ANNUAL ACCOUNTS OF BANKS AND OTHER FINANCIAL INSTITUTIONS .

THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 1979 HAVE BEEN RECLASSIFIED SO AS TO MAKE THEM COMPARABLE WITH THOSE PREPARED AS AT 31 DECEMBER 1980 .

END-OF-YEAR FIGURES FOR PROJECTS FINANCED OUT OF THE YEAR'S ALLOCATIONS REFLECT PROJECTS UNDERTAKEN DURING THE YEAR WHICH ARE TO BE CARRIED OUT BY THE ECSC IN THE FIELDS OF JOB RETRAINING OR OF TECHNICAL AND ECONOMIC RESEARCH . ACTUAL EXPENDITURE ON THESE PROJECTS IS INCLUDED IN THE PROFIT AND LOSS ACCOUNT FOR THE YEAR IN WHICH EXPENDITURE IS INCURRED .

B . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE ECSC USES THE EUROPEAN UNIT OF ACCOUNT ( EUA ) AS THE UNIT OF MEASURE FOR PRESENTING ITS FINANCIAL STATEMENTS . THE EUA AS ADOPTED BY THE COUNCIL OF THE EUROPEAN COMMUNITIES IS DEFINED AS EQUAL TO THE SUM OF THE FOLLOWING AMOUNTS OF THE CURRENCIES OF THE MEMBER STATES :

GERMAN MARK 0,828

POUND STERLING 0,0885

FRENCH FRANC 1,15

ITALIAN LIRA 109,00

DUTCH GUILDER 0,286

BELGIAN FRANC 3,66

LUXEMBOURG FRANC 0,14

DANISH CROWN 0,217

IRISH POUND 0,00759

THE FOLLOWING CONVERSION RATES FOR THE EUA WERE USED IN DRAWING UP THE BALANCE SHEET AT 31 DECEMBER 1980 :

GERMAN MARK 2,56556

POUND STERLING 0,549110

FRENCH FRANC 5,93916

ITALIAN LIRA 1 217,30

DUTCH GUILDER 2,79081

BELGIAN FRANC 41,3351

LUXEMBOURG FRANC 41,3351

DANISH CROWN 7,88723

IRISH POUND 0,690185

US DOLLAR 1,30963

SWISS FRANC 2,31477

CANADIAN DOLLAR 1,55950

THE GAIN OR LOSS RESULTING FROM THE UNREALIZED YEAR-END CONVERSION INTO EUA OF ACCOUNTS HELD IN FOREIGN CURRENCIES WAS , PRIOR TO 1980 , BROUGHT INTO ACCOUNT IN DETERMINING NET INCOME AVAILABLE FOR ALLOCATION . FROM 1980 ONWARDS THESE PROFITS OR LOSSES ARE DEFERRED AND TRANSFERRED TO THE ACCRUED INCOME ACCOUNT IN THE BALANCE SHEET .

C . EXPLANATORY NOTES TO CERTAIN ACCOUNTS OF THE BALANCE SHEETS AND REVENUE AND EXPENDITURE STATEMENTS

1 . DEBT SECURITIES HELD IN PORTFOLIO

THE PORTFOLIO CONSISTS PRINCIPALLY OF GOVERNMENT SECURITIES AND REPURCHASED ECSC BONDS .

THESE SECURITIES ARE BROUGHT INTO ACCOUNT AT THE LOWER OF ACQUISITION COST OR MARKET VALUE .

THE BOOK VALUE OF ECSC BONDS REPURCHASED AND RETAINED IN THE PORTFOLIO AT 31 DECEMBER 1980 WAS 67 555 097 .

REPURCHASED ECSC BONDS REPAYABLE DURING THE 12 MONTHS FOLLOWING THE YEAR OF ACCOUNT ARE DEDUCTED FROM ISSUED BONDS AND RETIRED FROM THE MARKET .

2 . LOANS OUTSTANDING

1 240 LOANS WERE OUTSTANDING AT 31 DECEMBER 1980 .

LOANS AGAINST BORROWED FUNDS IN CURRENCIES

US DOLLARS*2 203 092 264**

GERMAN MARKS*1 449 917 312**

FRENCH FRANCS*518 043 628**

SWISS FRANCS*473 283 048**

LUXEMBOURG FRANCS*179 299 216**

BELGIAN FRANCS*168 765 684**

DUTCH GUILDERS*127 512 783**

POUNDS STERLING*95 836 046**

ITALIAN LIRE*70 011 270**

CANADIAN DOLLARS*48 092 337**

EUROPEAN MONETARY UNITS*14 644 234**

EUROPEAN UNITS OF ACCOUNT*7 206 412*5 355 704 234*

OTHER LOANS

LOANS FROM THE SPECIAL RESERVE FUND FOR THE FINANCING OF WORKERS' HOUSING PROJECTS*131 467 411**

LOANS FROM THE PENSION FUND FOR HOUSING LOANS TO OFFICIALS OF THE EUROPEAN COMMUNITIES*21 665 854**

LOANS FROM THE PENSION FUND FOR FRIULI IRON INDUSTRY*3 696 706**

LOANS FROM THE SPECIAL RESERVE FUND FOR TECHNICAL AND ECONOMIC RESEARCH*1 934 828**

LOANS FROM THE SPECIAL RESERVE FUND FOR REHABILITATION*204 382*158 969 181*

**5 514 673 415*

THESE LOANS ARE ANALYZED BY COUNTRY AS FOLLOWS :

UNITED KINGDOM*1 765 302 810*

FRANCE*1 192 992 181*

GERMANY*1 182 479 041*

ITALY*839 744 797*

BELGIUM*164 174 742*

LUXEMBOURG*160 356 061*

NETHERLANDS*135 071 464*

DENMARK*28 981 409*

IRELAND*17 278 822*

THIRD COUNTRIES*6 626 234*

COMMUNITIES OFFICIALS - HOUSING LOANS*21 665 854*

*5 514 613 415*

BREAKDOWN OF THESE LOANS BY PRINCIPAL FORM OF GUARANTEE :

LOANS SECURED BY MEMBER STATES*2 391 947 019*

LOANS SECURED BY BANKS*957 344 314*

LOANS SECURED BY MORTGAGES*981 226 645*

LOANS SECURED BY INDUSTRIAL GROUPS*1 094 109 952*

LOANS SECURED BY OTHER GUARANTEES*26 677 138*

UNSECURED LOANS ( GRANTED TO CREDIT INSTITUTIONS FOR WORKERS' HOUSING AND JOB RETRAINING ) *63 368 347*

*5 514 673 415*

CERTAIN LOANS HAVE BEEN WRITTEN DOWN TO TAKE ACCOUNT OF A RISK ELEMENT INHERENT IN THE DEBTS .

3 . UNAMORTIZED ISSUING COSTS AND REIMBURSEMENT PREMIUMS :

ISSUING COSTS AND ASSOCIATED EXPENSES ARE AMORTIZED OVER THE LIFE OF THE BORROWINGS TO WHICH THEY RELATE .

4 . LAND AND BUILDINGS

THE ECSC OWNS A BUILDING IN WASHINGTON DC WHICH FORMS PART OF THE COMMUNITY'S WORKING ASSETS . THE BUILDING IS LEASED TO THE EUROPEAN COMMUNITIES .

5 . OTHER ASSETS

OTHER ASSETS AT 31 DECEMBER 1980 ARE ANALYZED AS FOLLOWS :

LEVY RECEIVABLE*6 782 814*

MEMBER STATES' CONTRIBUTIONS RECEIVABLE*15 677 455*

OTHER*2 741 140*

*25 201 409*

6 . ACCRUED INCOME ASSETS

THIS ITEM INCLUDES INTEREST AND COMMISSION ON GUARANTEES WHICH HAD ACCRUED BUT NOT YET FALLEN DUE ON 31 DECEMBER 1980 , TOTALLING 137 802 810 .

ALSO INCLUDED IS THE LEVY DECLARED FOR THE MONTHS OF NOVEMBER AND DECEMBER 1980 WHICH FALLS DUE AFTER 31 DECEMBER 1980 , TOTALLING 17 761 041 .

7 . MEDIUM - AND LONG-TERM BORROWINGS

AS ON 31 DECEMBER 1980 , THE ECSC HAD MEDIUM - AND LONG-TERM BORROWINGS OF 5 405 735 297 IN 265 LOANS AT VARYING INTEREST RATES ON THE CAPITAL MARKETS . THESE LOANS MATURE AT VARIOUS DATES BETWEEN 1981 AND 2002 .

THE BREAKDOWN OF THE NET DEBT BY CURRENCY WAS AS FOLLOWS :

US DOLLARS*2 155 628 611*

GERMAN MARKS*1 482 769 064*

FRENCH FRANCS*522 490 368*

SWISS FRANCS*508 473 844*

BELGIAN FRANCS*176 272 708*

LUXEMBOURG FRANCS*175 807 250*

DUTCH GUILDERS*130 300 523*

POUNDS STERLING*122 744 077*

ITALIAN LIRE*68 512 282*

CANADIAN DOLLARS*48 092 337*

EUROPEAN UNITS OF ACCOUNT*14 644 233*

*5 405 735 297*

PURCHASED ECSC BONDS HELD IN THE PORTFOLIO AT 31 DECEMBER WITH A NOMINAL VALUE OF 35 092 869 AND MATURING IN 1981 WERE RETIRED FROM THE MARKET AND A PROFIT OF 4 110 303 WAS BROUGHT INTO ACCOUNT .

8 . ACCRUED LIABILITIES

THIS ITEM INCLUDES INTEREST AND COMMISSION ON BORROWINGS WHICH HAS ACCRUED BUT NOT FALLEN DUE ON 31 DECEMBER 1980 , TOTALLING 211 277 410 .

UNREALIZED CURRENCY CONVERSION PROFITS TOTALLING 13 310 289 AT 31 DECEMBER 1980 ARE ALSO SHOWN IN THIS ACCOUNT .

9 . COMMITMENTS CONCERNING THE ECSC OPERATIONAL BUDGET

AT 31 DECEMBER 1980 EXPENDITURE DECIDED UPON BY THE COMMISSION WAS TO BE USED AS FOLLOWS :

FINANCIAL ASSISTANCE ( CONTRACTED COMMITMENTS )

REHABILITATION PROJECTS*215 278 490**

TECHNICAL AND ECONOMIC RESEARCH PROJECTS*77 991 683**

INTEREST SUBSIDIES UNDER ARTICLE 56 ON RECONVERSION LOANS*43 709 213**

INTEREST SUBSIDIES UNDER ARTICLE 54 ON INDUSTRIAL LOANS*35 879 757**

COKE PROJECTS*3 882 714*376 741 857*

OTHER ( APPROVED COMMITMENTS )

TECHNICAL AND ECONOMIC RESEARCH*8 557 536**

INTEREST SUBSIDIES UNDER ARTICLE 56 ON RECONVERSION LOANS*36 656 363**

INTEREST SUBSIDIES UNDER ARTICLE 54 ON INDUSTRIAL LOANS*15 045 160**

1981 BUDGET*40 000 000**

CONTINGENCY RESERVE*19 000 000*119 259 059*

TOTAL**496 000 916*

THE BREAKDOWN OF ALLOCATIONS MADE DURING 1980 AND AT THE YEAR END WAS , AT 31 DECEMBER 1980 , AS FOLLOWS :

*FINANCIAL ASSISTANCE*OTHER*

BALANCE AT 31 DECEMBER 1979*310 021 337*105 033 906*

ALLOCATIONS DURING 1980*66 720 520* ( 11 774 847 ) *

ALLOCATIONS AT YEAR END* - *26 000 000*

BALANCE AT 31 DECEMBER 1980*376 741 857*119 259 059*

10 . RESERVES

THE GUARANTEE FUND AND THE SPECIAL RESERVE HAVE BEEN BUILT UP FROM THE ALLOCATION OF EXCESS ECSC REVENUE OVER EXPENDITURE . ALLOCATION IS AT THE DISCRETION OF THE COMMISSION .

THE FORMER PENSION FUNDS REPRESENTS THE BALANCE OF THE PENSIONS FUNDED BY THE ECSC PRIOR TO 5 MARCH 1968 , AFTER WHICH DATE PENSION COMMITMENTS FOR OFFICIALS ARE ASSUMED DIRECTLY BY THE MEMBER STATES .

11 . CONTRIBUTION TO ADMINISTRATION COSTS

THE ECSC CONTRIBUTED TO THE ADMINISTRATIVE BUDGET OF THE COMMISSION OF THE EUROPEAN COMMUNITIES A FIXED AMOUNT OF 5 000 000 .

12 . VALUE ADJUSTMENTS IN RESPECT OF SECURITIES

IN ACCORDANCE WITH ITS ACCOUNTING POLICIES THE ECSC'S PORTFOLIO OF INVESTMENT SECURITIES AND REPURCHASED BONDS IS BROUGHT INTO ACCOUNTS AT ACQUISITION COST OR MARKET VALUE , WHICHEVER IS THE LOWER . THE VALUE OF THE PORTFOLIO HAS ACCORDINGLY BEEN REDUCED BY 580 265 TO REFLECT THE REDUCTION IN MARKET VALUES AS OF 31 DECEMBER 1980 .

13 . REALIZED LOSSES IN RESPECT OF SECURITIES

CAPITAL LOSSES OR GAINS ON INVESTMENTS ARE BROUGHT INTO ACCOUNT BY REFERENCE TO ACQUISITION VALUE , IGNORING VALUE ADJUSTMENTS MADE AT THE END OF EACH FINANCIAL YEAR .

14 . INTEREST RECEIVED

THIS ITEM INCLUDES INTEREST RECEIVED ON LOANS TOTALLING 445 275 491 , INTEREST ON DEPOSITS OF 68 862 988 AND INTEREST RECEIVED ON FIXED INTEREST SECURITIES OF 24 543 913 , AT 31 DECEMBER 1980 .

15 . LEVY

THE TREATY EMPOWERS THE ECSC TO IMPOSE A LEVY ON THE COAL AND STEEL PRODUCTION OF ENTERPRISES WITHIN THE COMMUNITY . THE LEVY IS CALCULATED ON THE BASIS OF THE AVERAGE COMMUNITY VALUES OF THE VARIOUS PRODUCTS SUBJECT TO THE LEVY . THE RATE APPLICABLE FROM 1 JANUARY 1980 WAS 0,31 % . THE 1979 FIGURE HAD BEEN 0,29 % .

16 . OTHER COMMITMENTS

AT 31 DECEMBER 1980 THE COMMISSION HAD IRREVOCABLE COMMITMENTS OUTSTANDING TOTALLING 7 819 174 .

17 . GUARANTEES PROVIDED

THE ECSC GUARANTEES LOANS MADE TO VARIOUS COAL AND STEEL COMPANIES BY THIRD PARTIES ; SUCH GUARANTEES ARE SECURED BY GUARANTEES RECEIVED BY THE ECSC . GUARANTEES PROVIDED AT 31 DECEMBER 1980 TOTALLED 7 795 569 .

18 . COMMITMENTS ARISING FROM UNCOMPLETED FIXED-TERM OPERATIONS

AT 31 DECEMBER 1980 THE ECSC HAD CONTRACTED A NUMBER OF " SWAP " OPERATIONS IN RESPECT OF WHICH COMMITMENTS HAD BEEN TAKEN TO BUY CURRENCY TOTALLING 44 841 273 AND COMMITMENTS TO SELL TOTALLING 46 453 408 .