FINANCIAL STATEMENTS OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1993 (94/C 211/06)

In accordance with undertakings given by the Commission on behalf of the ECSC with regard to its borrowing activities, the following financial statements, drawn up in conformity with Article 45c of the Treaty establishing the ECSC, are published:

- the balance sheet of the European Coal and Steel Community at 31 December 1993,

- the profit-and-loss accounts for the year ending 31 December 1993,

- the allocation of the surplus for the year ending 31 December 1993,

- the notes relating to the financial statements at 31 December 1993.

These financial statements are accompanied by the report of the Court of Auditors provided for under Article 45c of the ECSC Treaty, dealing with the financial operations of the ECSC for 1993 with the exception of those relating to revenue and expenditure of an administrative nature.

Balance sheets at 31 December 1993

(amounts in ecus)

- Before allocation of surplus -

ASSETS "" ID="1">Balances with central banks (note 3)> ID="3">1 179 187> ID="5">530 675"> ID="1">Loans and advances to credit institutions (note 4):"> ID="1">- repayable on demand> ID="2">22 027 113> ID="4">56 203 772"> ID="1">- with agreed maturity dates or periods of notice> ID="2">418 119 954> ID="4">651 975 632"> ID="1">- loans> ID="2">3 550 197 206> ID="4">3 433 388 311"> ID="1">Total> ID="3">3 990 344 273> ID="5">4 141 567 715"> ID="1">Loans and advances to customers (note 5):"> ID="1">- loans> ID="2">4 126 203 226> ID="4">4 267 090 339"> ID="1">- levy> ID="2">13 567 192> ID="4">14 719 767"> ID="1">- fines> ID="2">1 615 162> ID="4">1 615 162"> ID="1">- credits> ID="2">540 499> ID="4">-"> ID="1">Total> ID="3">4 141 926 079> ID="5">4 283 425 268"> ID="1">Bonds and other fixed-income securities (note 6):"> ID="1">- issued by public bodies> ID="2">1 379 534 947> ID="4">1 220 874 572"> ID="1">- issued by other borrowers> ID="2">322 038 071> ID="4">267 724 137"> ID="1">Total> ID="3">1 701 573 018> ID="5">1 488 598 709"> ID="1">Tangible and intangible assets (note 7)> ID="3">12 886 095> ID="5">6 523 098"> ID="1">Other assets (note 8)> ID="3">68 555 368> ID="5">7 696 871"> ID="1">Prepayments and accrued income (note 9)> ID="3">334 866 210> ID="5">342 872 269"> ID="1">TOTAL ASSETS> ID="3">10 251 330 230> ID="5">10 271 214 605"> ID="1">Off-balance-sheet commitments (note 26)> ID="2">4 571 014 854> ID="3">4 718 395 201">

- Before allocation of surplus -

LIABILITIES "" ID="1">LIABILITIES VIS-À-VIS THIRD PARTIES"> ID="1">Amounts owed to credit institutions (note 10):"> ID="1">- repayable on demand> ID="2">0> ID="4">5 840 231"> ID="1">- with agreed maturity dates or periods of notice> ID="2">438 779> ID="4">0"> ID="1">- borrowings> ID="2">2 745 123 621> ID="4">2 985 338 811"> ID="1">Total> ID="3">2 745 562 400> ID="5">2 991 179 042"> ID="1">Debts evidenced by certificates (note 11)> ID="3">4 585 526 867> ID="5">4 341 279 392"> ID="1">Other liabilities (note 12)> ID="3">405 814 982> ID="5">365 986 897"> ID="1">Accruals and deferred income (note 13)> ID="3">270 264 348> ID="5">284 938 605"> ID="1">Provisions for liabilities and charges (note 14)> ID="3">5 296 750> ID="5">5 805 666"> ID="1">Commitments for the ECSC Operating Budget (note 15)> ID="3">1 361 211 011> ID="5">1 283 153 200"> ID="1">TOTAL LIABILITIES VIS-À-VIS THIRD PARTIES> ID="3">9 373 676 358> ID="5">9 272 342 802"> ID="1">NET POSITION"> ID="1">Provisions for financing the ECSC Operating Budget (note 16)> ID="3">209 566 925> ID="5">307 348 557"> ID="1">RESERVES (note 17):"> ID="1">- Guarantee Fund> ID="2">429 885 000> ID="4">429 885 000"> ID="1">- Special Reserve> ID="2">166 980 000> ID="4">188 980 000"> ID="1">- Former Pension Fund> ID="2">58 923 329> ID="4">57 469 977"> ID="1">Total> ID="3">655 788 329> ID="5">676 334 977"> ID="1">Value adjustment reserve> ID="3">10 684 405> ID="5">13 294 511"> ID="1">Surplus brought forward> ID="3">440 406> ID="5">20 418"> ID="1">Surplus for the financial year> ID="3">1 173 807> ID="5">1 873 340"> ID="1">NET TOTAL> ID="3">877 653 872> ID="5">998 871 803"> ID="1">TOTAL LIABILITIES> ID="3">10 251 330 230> ID="5">10 271 214 605"> ID="1">Off-balance-sheet commitments (note 26)> ID="2">7 042 190 739> ID="3">7 687 872 326">

Profit-and-loss accounts for the year ending 31 December 1993

(amounts in ecus)

CHARGES "" ID="1">Interest payable and similar charges (note 19)> ID="3">938 822 283> ID="5">953 779 896"> ID="1">Commissions payable> ID="3">2 160 026> ID="5">2 243 917"> ID="1">- foreign-exchange losses> ID="2">1 528> ID="4">217 196"> ID="1">- losses on bonds and other fixed-income securities> ID="2">1 113 477> ID="4">3 514 185"> ID="1">- value adjustments in respect of bonds and other fixed-income securities (note 6)> ID="2">0> ID="4">0"> ID="1">Total> ID="3">1 115 005> ID="5">3 731 381"> ID="1">Administrative expenditure (note 20)> ID="3">5 000 000> ID="5">5 000 000"> ID="1">Value adjustments in respect of tangible assets (note 7)> ID="3">955 729> ID="5">782 977"> ID="1">Other operating charges (note 21)> ID="3">362 862> ID="5">572 287"> ID="1">Value adjustments - loans, advances, provisions:"> ID="1">- value adjustment in respect of loans and advances (note 22)> ID="2">53 754 973> ID="4">92 673 296"> ID="1">- allocation to the provision for liabilities and charges (note 14)> ID="2">345 101> ID="4">355 166"> ID="1">Total> ID="3">54 100 074> ID="5">93 028 462"> ID="1">TOTAL"> ID="1">OPERATING CHARGES> ID="3">1 002 515 979> ID="5">1 059 138 920"> ID="1">Losses on loans> ID="3">39 277 925> ID="5">-"> ID="1">Extraordinary charges> ID="3">123 665> ID="5">277 845"> ID="1">Conversion difference> ID="3">2 610 106> ID="5">0"> ID="1">Allocation to the value adjustment reserve> ID="3">0> ID="5">5 520 666"> ID="1">Legal commitments for the financial year (note 15)> ID="3">531 215 791> ID="5">477 217 432"> ID="1">Allocation to the provision for financing the ECSC Operating Budget (note 16)> ID="3">89 309 169> ID="5">235 733 395"> ID="2">1 665 052 635> ID="4">1 777 888 258"> ID="1">Surplus for the financial year> ID="3">1 173 807> ID="5">1 873 340"> ID="1">TOTAL> ID="3">1 666 226 442> ID="5">1 779 761 598">

INCOME "" ID="1">Interest receivable and similar income (note 23)"> ID="1">(including interest on fixed-income securities:"> ID="1">143 666 210 in 1993 and 124 484 602 in 1992)> ID="3">1 141 835 677> ID="5">1 171 719 636"> ID="1">Net profit on financial operations:"> ID="1">- foreign-exchange profits> ID="2">74 934> ID="4">10"> ID="1">- profits on bonds and other fixed-income securities> ID="2">44 799 905> ID="4">8 986 656"> ID="1">- value-adjustments in respect of bonds and other fixed-income securities (note 6)> ID="2">8 324 241> ID="4">318 420"> ID="1">Total> ID="3">53 199 080> ID="5">9 305 086"> ID="1">Value adjustment in respect of loans and advances and provisions"> ID="1">- withdrawal of value adjustments in respect of loans and advances> ID="2">39 253 979> ID="4">1 534 081"> ID="1">- transfer from the provision for liabilities and charges (note 14)> ID="2">367 256> ID="4">1 789 949"> ID="1">Total> ID="3">39 621 235> ID="5">3 324 030"> ID="1">Other operating income (note 24)> ID="3">1 747 126> ID="5">1 197 236"> ID="1">TOTAL OPERATING INCOME> ID="3">1 236 403 118> ID="5">1 185 545 988"> ID="1">Conversion difference> ID="3">0> ID="5">5 520 666"> ID="1">Transfer from the revaluation reserve> ID="3">2 610 106> ID="5">0"> ID="1">Income relating to the Operating Budget (note 25)> ID="3">217 116 791> ID="5">222 251 936"> ID="1">Transfer from the provision for financing the ECSC Operating Budget (note 16)> ID="3">188 096 427> ID="5">313 304 101"> ID="1">Transfer from the provision for fines to be collected> ID="3">0> ID="5">138 907"> ID="1">Transfer from the Guarantee Fund/Special Reserve (note 17)> ID="3">22 000 000> ID="5">53 000 000"> ID="1">TOTAL INCOME> ID="3">1 666 226 442> ID="5">1 779 761 598">

Allocation of the surplus for the year ending 31 December 1993

(amounts in ecus)

"" ID="1">Surplus not allocated at 1 January> ID="2">440 406> ID="3">20 418"> ID="1">Surplus for the year to be allocated> ID="2">1 173 807> ID="3">1 873 340"> ID="2">1 614 213> ID="3">1 893 758"> ID="1">Allocation to the former Pension Fund (note 17)> ID="2">1 514 190> ID="3">1 453 352"> ID="1">Surplus not allocated at 31 December> ID="2">100 023> ID="3">440 406">

NOTES RELATING TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 1993

(amounts in ecus)

1. PRESENTATION OF THE FINANCIAL STATEMENTS

1.1. The European Coal and Steel Community (ECSC) was established by the Treaty of 18 April 1951. According to the Treaty, the task of the ECSC is to contribute to the economic expansion of the Member States through the establishment of a common market for coal and steel. Most of the ECSC's funds come from the levy, the net profit form its financial acitivity, borrowings raised on the financial markets and direct bank loans.

1.2. The ECSC's financial statements at 31 December 1993 are presented in accordance with Council Directives 78/660/EEC and 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions (OJ No L 222 of 14 August 1978 and OJ No L 372 of 31 December 1986).

1.3. ECSC accounts are kept in the various currencies used for its financial acitivity. The financial statements are expressed in ecus.

The following rates have been used for converting year-end balance-sheet amounts expressed in national currency into ecus:

"" ID="1">Belgian and Luxembourg francs> ID="2">40,286900> ID="3">40,177700"> ID="1">German mark> ID="2">1,935690> ID="3">1,955600"> ID="1">Dutch guilder> ID="2">2,165410> ID="3">2,196690"> ID="1">Pound sterling> ID="2">0,755108> ID="3">0,798221"> ID="1">Danish krone> ID="2">7,553100> ID="3">7,574790"> ID="1">French franc> ID="2">6,577450> ID="3">6,667820"> ID="1">Italian lira> ID="2">1 909,980000> ID="3">1 787,420000"> ID="1">Irish pound> ID="2">0,790809> ID="3">0,743157"> ID="1">Spanish peseta> ID="2">158,928000> ID="3">138,648000"> ID="1">Portuguese escudo> ID="2">197,050000> ID="3">177,760000"> ID="1">Greek drachma> ID="2">277,970000> ID="3">260,198000"> ID="1">United States dollar> ID="2">1,115670> ID="3">1,210900"> ID="1">Swiss franc> ID="2">1,652310> ID="3">1,763070"> ID="1">Canadian dollar> ID="2">1,482170> ID="3">1,536030"> ID="1">Japanese yen> ID="2">124,732000> ID="3">151,060000">

1.4. At 31 December 1993 the various currencies listed in 1.3, together with the ecu, made up the ECSC's balance sheet as follows

"(ECU 1 000):"" ID="1">Belgian franc> ID="2">318 037> ID="3">244 251"> ID="1">Luxembourg franc> ID="2">103 626> ID="3">89 041"> ID="1">German mark> ID="2">3 655 623> ID="3">3 455 367"> ID="1">Dutch guilder> ID="2">238 865> ID="3">211 604"> ID="1">Pound sterling> ID="2">975 699> ID="3">898 183"> ID="1">Danish krone> ID="2">3 143> ID="3">-"> ID="1">French franc> ID="2">1 357 608> ID="3">1 236 282"> ID="1">Italian lira> ID="2">1 426 738> ID="3">1 368 171"> ID="1">Irish pound> ID="2">1 490> ID="3">-"> ID="1">Spanish peseta> ID="2">253 582> ID="3">224 484"> ID="1">Portuguese escudo> ID="2">83 642> ID="3">80 301"> ID="1">Greek drachma> ID="2">2 018> ID="3">0"> ID="1">United States dollar> ID="2">2 544 663> ID="3">2 501 172"> ID="1">Swiss franc> ID="2">426 210> ID="3">425 331"> ID="1">Canadian dollar> ID="2">57 897> ID="3">57 897"> ID="1">Japanese yen> ID="2">162 569> ID="3">160 344"> ID="1">ECU> ID="2">- 1 360 080> ID="3">- 701 098"> ID="1">Total> ID="2">10 251 330> ID="3">10 251 330">

NOTES:

The ecu has a much larger place in the ECSC's accounts than suggested by the above table.

The apparently small share in ecus is explained by certain accounting operations, mainly the offsetting of accounts receivable and payable relating to currency swaps.

The offsetting of these items on the assets and liabilities sides is designed to prevent artificial inflation of the balance sheet.

This accounting operation is carried out in ecus and involved a total of ECU 3 786 053 022 in 1993.

The real weight of the ecu in the ECSC's accounts can therefore be assessed more accurately if this amount is added both to the assets and to the liabilities sides of the balance sheet.

2. ACCOUNTING POLICIES AND METHODS

2.1. The financial statements are drawn up in accordance with generally recognized accounting principles.

2.2. Charges and income for the financial year are entered in national currency and converted to ecus at the monthly accounting rate in force on the day of the transaction.

3. BALANCES WITH CENTRAL BANKS

This item represents the ECSC's balances with the central bank of certain Member States.

4. LOANS AND ADVANCES TO CREDIT INSTITUTIONS

4.1. Repayable on demand

This item also includes loans and advances to Cedel repayable on demand.

4.2. With agreed maturity dates or periods of notice

The breakdown of the time to maturity of these loans is as follows:

"(ECU)"" ID="1">Up to three months> ID="2">322 007 854> ID="3">382 962 987"> ID="1">Three months to one year> ID="2">76 666 524> ID="3">252 956 207"> ID="1">Over one year 19 445 576 16 056 438"> ID="1">Total> ID="2">418 119 954> ID="3">651 975 632">

4.3. Loans

The breakdown of these loans by time to maturity is as follows:

"(ECU)"" ID="1">Up to three months> ID="2">41 980 073> ID="3">63 235 868"> ID="1">Three months to one year> ID="2">368 118 827> ID="3">304 540 293"> ID="1">One year to five years> ID="2">2 689 818 013> ID="3">2 563 278 917"> ID="1">Over five years> ID="2">450 280 293> ID="3">502 333 233"> ID="1">Total> ID="2">3 550 197 206> ID="3">3 433 388 311">

5. LOANS AND ADVANCES TO CUSTOMERS

5.1. Loans

The loans granted to credit institutions are shown under 'Loans and advances to credit institutions' (see note 4).

The other loans break down as follows:

"(ECU)"" ID="1">1. Loans disbursed from borrowed funds"> ID="1">- Amounts outstanding, excluding redemption premiums> ID="2">4 070 369 795> ID="3">4 196 379 653"> ID="1">- Redemption premiums> ID="2">45 000 000> ID="3">45 000 000"> ID="1">- Value adjustments> ID="2">- 53 616 282> ID="3">- 40 341 949"> ID="1">Sub-total> ID="2">4 061 753 513> ID="3">4 201 037 704"> ID="1">2. Loans from the special reserve and other own funds for financing subsidized housing> ID="2">24 162 422> ID="3">26 832 402"> ID="1">Total I> ID="2">4 085 915 935> ID="3">4 227 870 106"> ID="1">The breakdown of these loans by time to maturity is as follows until 31 December:"> ID="2">Up to three months> ID="3">151 131 686> ID="4">138 465 976"> ID="2">Three months to one year 611 321 216 451 572 667"> ID="2">One year to five years> ID="3">2 433 832 855> ID="4">3 040 617 738"> ID="2">Over five years> ID="3">943 246 460> ID="4">637 555 674"> ID="1">38 734 442> ID="2">37 514 170"> ID="1">4. Loan repayments overdue and interest on arrears> ID="2">1 552 849> ID="3">1 706 063"> ID="1">Grand total> ID="2">4 126 203 226> ID="3">4 267 090 339""

NB: These loans are usually secured by guarantees from the Member States, banks or companies, or by mortgages.>

5.2. Levy

Before value adjustment, this item amounts to ECU 20 472 601 (ECU 20 195 663 at 31 December 1992). It comprises in particular ECU 5 468 070 subject to legal proceedings (ECU 4 366 705 at 31 December 1992) and ECU 2 884 382 relating to temporary deferment in respect of coal in stock (ECU 2 382 399 at 31 December 1992).

Payment of the levy in respect of coal in stock is temporarily deferred under a general decision taken in 1972.

5.3. Fines

This item contains the Commission's claims on companies fined in accordance with the rules set out in the Treaty.

After value adjustment it amounts to ECU 1 615 162 (ECU 1 615 162 at 31 December 1992).

5.4. Interest subsidies to be recovered

This item comprises claims on companies in receipt of a subsidized loan which the Commission has been obliged to ask to reimburse all or part of the interest subsidy already paid.

6. BONDS AND OHTER FIXED-INCOME SECURITIES

6.1. Valuation

Bonds and other fixed-income securities are valued at average purchase price or market value at 31 December 1993, whichever is the lower.

This principle is not applied in the case of securities considered as financial fixed assets (cf. 6.5).

6.2. Composition

Bonds and other fixed-income securities break down as follows:

"(ECU)"" ID="1">ISSUED BY PUBLIC BODIES"> ID="1">- Gross value> ID="3">1 379 749 693> ID="4">1 228 444 178"> ID="1">- Value adjustment> ID="2">(7 354 860)> ID="3">- 214 746> ID="4">- 7 569 606"> ID="1">- Net value> ID="3">1 379 534 947> ID="4">1 220 874 572"> ID="1">OWN-DEBT SECURITIES"> ID="1">- Gross value> ID="3">63 159 716> ID="4">67 638 521"> ID="1">- Value adjustment> ID="2">0> ID="3">0> ID="4">0"> ID="1">- Net value> ID="3">63 159 716> ID="4">67 638 521"> ID="1">ISSUED BY OTHER BORROWERS"> ID="1">- Gross value> ID="3">259 241 205> ID="4">201 417 847"> ID="1">- Value adjustment> ID="2">(969 381)> ID="3">- 362 850> ID="4">- 1 332 231"> ID="1">- Net value> ID="3">258 878 355> ID="4">200 085 616"> ID="1">TOTAL"> ID="1">- Gross value> ID="3">1 702 150 614> ID="4">1 497 500 546"> ID="1">- Value adjustment> ID="2">(8 324 241)> ID="3">- 577 596> ID="4">- 8 901 837"> ID="1">- Net value> ID="3">1 701 573 018> ID="4">1 488 598 709">

6.3. Maturities in 1994

Securities in the portfolio reaching final maturity during 1994 represent the following amounts (ECU):

- Issued by public bodies: 112 115 211

- Own-debt securities: 39 859 075

- Issued by other borrowers:

46 303 606

Total 198 277 892

6.4. Listed/unlisted securities

The securities portfolio comprises ECU 1 608 731 706 of securities with a stock exchange listing, the balance of ECU 92 841 312 being unlisted securities.

6.5. Financial fixed assets

6.5.1. Financial fixed assets are defined as securities that will remain in the portfolio until their final maturity.

They comprise mainly short-term paper and own-debt securities repurchased for servicing ECSC borrowings.

6.5.2. Financial fixed assets are valued at average purchase price or redemption value, whichever is the lower.

The redemption value of these securities exceeds the average purchase price by a total of ECU 8 731 195.

6.5.3. Financial fixed assets are made up as follows (ECU):

- Issued by public bodies: 42 114 752

- Own-debt securities: 63 159 715

- Other issuers:

51 661 165

Total 156 935 632

7. TANGIBLE AND INTANGIBLE ASSETS

"(ECU)"" ID="1">Tangible assets:"> ID="1">- Washington building> ID="2">1971> ID="3">882 654> ID="4">470 688> ID="5">0> ID="6">0> ID="7">58 836> ID="8">411 852"> ID="1">- Paris building> ID="2">1990> ID="3">8 917 465> ID="4">1> ID="5">161 494> ID="6">0> ID="7">161 494> ID="8">1"> ID="1">- Lisbon building> ID="2">1986> ID="3">1 265 526> ID="4">759 240> ID="5">1 405 270> ID="6">0> ID="7">224 887> ID="8">1 939 623"> ID="1">- New York building> ID="2">1987> ID="3">2 167 186> ID="4">1 399 910> ID="5">0> ID="6">0> ID="7">139 991> ID="8">1 259 919"> ID="1">- Canberra building> ID="2">1987> ID="3">2 511 059> ID="4">1 941 869> ID="5">0> ID="6">0> ID="7">194 187> ID="8">1 747 682"> ID="1">- Marseille building> ID="2">1991> ID="3">406 679> ID="4">338 899> ID="5">78 795> ID="6">0> ID="7">41 769> ID="8">375 925"> ID="1">- Windhoek building> ID="2">1992> ID="3">1 129 004> ID="4">1 072 554> ID="5">- 326 832> ID="6">0> ID="7">74 572> ID="8">671 150"> ID="1">- Haren> ID="2">1993> ID="3">0> ID="4">0> ID="5">6 000 000> ID="6">0> ID="7">0> ID="8">6 000 000"> ID="4">5 983 161> ID="5">7 318 727> ID="6">0> ID="7">895 736> ID="8">12 406 152"> ID="1">Intangible assets:"> ID="1">- Lease on Milan building> ID="2">1986> ID="3">879 882> ID="4">539 937> ID="5">0> ID="6">0> ID="7">59 993> ID="8">479 944"> ID="1">Total tangible and intangible assets> ID="4">6 523 098> ID="5">7 318 727> ID="6">0> ID="7">955 729> ID="8">12 886 096">

The Paris buildings are owned jointly by the three Communities, the ECSC's share being 28 %. The refurbishment work on one of the buildings was completed in 1993.

The other buildings, which are owned solely by the ECSC, are let to the Commission; the rent paid provides a return on the funds invested by the ECSC and amortizes the debt. When these buildings have been fully amortized, ownership will be transferred to the European Economic Community.

In 1993 the ECSC acquired additonal office space in Lisbon and Marseille and financed the construction of the Commission's central restaurant facilities in Haren.

The valuation of the Windhoek buildings at 31 December 1992 took account of the estimated cost of work in progress. The work was completed in 1993 and the valuation of the buildings was adjusted accordingly.

8. OTHER ASSETS

"(ECU)"" ID="1">Loans, payments due and not received and rescheduled payments> ID="2">119 644 481> ID="3">55 836 021"> ID="1">Portfolio taxes and VAT to be reclaimed> ID="2">2 836 266> ID="3">2 672 333"> ID="1">Loans to officials - miscellaneous> ID="2">3 818 935> ID="3">2 789 139"> ID="1">ECSC Operating Budget current account> ID="2">676 748> ID="3">0"> ID="1">Miscellaneous> ID="2">46 815> ID="3">2 047 886"> ID="2">127 023 245> ID="3">63 345 379"> ID="1">Cumulative value adjustments> ID="2">- 58 467 877> ID="3">- 55 648 508"> ID="1">Total> ID="2">68 555 368> ID="3">7 696 871">

9. PREPAYMENTS AND ACCRUED INCOME

"(ECU)"" ID="1">Interest on loans> ID="2">233 354 697> ID="3">227 060 112"> ID="1">Interest on securities and deposits portfolio> ID="2">84 158 418> ID="3">92 763 512"> ID="1">Levy declared for November and December but payable after 31 December> ID="2">12 252 633> ID="3">13 439 131"> ID="1">Issuing costs and redemption premiums> ID="2">5 100 462> ID="3">11 949 961"> ID="2">334 866 210> ID="3">345 212 716"> ID="1">Cumulative value adjustments> ID="2">0> ID="3">- 2 340 447"> ID="1">Total> ID="2">334 866 210> ID="3">342 872 269">

10. AMOUNTS OWED TO CREDIT INSTITUTIONS

The time to maturity on these operations is as follows:

"(ECU)"" ID="1">Repayable on demand> ID="2">0> ID="3">5 840 231"> ID="1">Up to three months> ID="2">69 036 758> ID="3">101 126 985"> ID="1">Three months to one year> ID="2">383 200 013> ID="3">408 367 924"> ID="1">One year to five years> ID="2">1 643 372 717> ID="3">1 757 000 976"> ID="1">Over five years> ID="2">649 952 912> ID="3">718 842 926"> ID="1">Total> ID="2">2 745 562 400> ID="3">2 991 179 042">

11. DEBTS EVIDENCED BY CERTIFICATES

Part of the borrowings outstandig at 31 December 1993 will reach maturity during the 1994 financial year. These borrowings amount to ECU 729 139 044.

12. OTHER LIABILITIES

"(ECU)"" ID="1">Exchange value in ecus of the difference between currency receivable and payable under currency exchange operations (swaps)> ID="2">405 756 274> ID="3">308 455 362"> ID="1">Current account, ECSC Operating Budget> ID="2">0> ID="3">31 197 886"> ID="1">Other> ID="2">58 708> ID="3">26 333 649"> ID="1">Total> ID="2">405 814 982> ID="3">365 986 897">

13. ACCRUALS AND DEFERRED INCOME

"(ECU)"" ID="1">Interest on borrowings and credit lines> ID="2">268 498 659> ID="3">278 382 236"> ID="1">Commission on loans> ID="2">503 189> ID="3">741 369"> ID="1">Redemption premiums on loans> ID="2">1 262 500> ID="3">5 815 000"> ID="1">Total> ID="2">270 264 348> ID="3">284 938 605">

14. PROVISION FOR LIABILITIES AND CHARGES

"(ECU)"" ID="1">Provision for withholding tax to be paid (1)> ID="2">4 834 353> ID="3">275 500> ID="4">0> ID="5">- 13 103> ID="6">5 096 750"> ID="1">Provision for purchases and sales of securities on the futures markets (2)> ID="2">48 629> ID="3">0> ID="4">48 629> ID="5">0> ID="6">0"> ID="1">Provision for equipping the Paris residence (3)> ID="2">722 684> ID="3">0> ID="4">722 684> ID="5">0> ID="6">0"> ID="1">Provision for special costs connected with banking activities (4)> ID="2">200 000> ID="3">69 601> ID="4">69 601> ID="5">0> ID="6">200 000"> ID="1">Total> ID="2">5 805 666> ID="3">345 101> ID="4">840 914> ID="5">- 13 103> ID="6">5 296 750""

>

15. COMMITMENTS FOR THE ECSC OPERATING BUDGET

In 1993, commitments for the ECSC Operating Budget were as follows:

"(ECU)"" ID="1">Redeployment> ID="2">450 351 402> ID="3">182 381 217> ID="4">137 197 133> ID="5">51 166 423> ID="6">444 369 063"> ID="1">Research> ID="2">237 391 107> ID="3">124 583 574> ID="4">102 985 065> ID="5">12 795 069> ID="6">246 194 547"> ID="1">Interest subsidies (Article 54)> ID="2">21 565 814> ID="3">0> ID="4">3 971 691> ID="5">2 249 526> ID="6">15 344 597"> ID="1">Interest subsidies (Article 56)> ID="2">351 830 649> ID="3">114 251 000> ID="4">51 083 410> ID="5">13 172 395> ID="6">401 825 844"> ID="1">Social measures steel industry> ID="2">124 536 854> ID="3">60 000 000> ID="4">28 510 521> ID="5">14 656 977> ID="6">141 369 356"> ID="1">Social measures coal industry (Rechar)> ID="2">97 477 374> ID="3">50 000 000> ID="4">35 369 770> ID="5">0> ID="6">112 107 604"> ID="1">Total> ID="2">1 283 153 200> ID="3">531 215 791> ID="4">359 117 590> ID="5">94 040 390> ID="6">1 361 211 011">

16. PROVISION FOR FINANCING THE ECSC OPERATING BUDGET

"(ECU)>(5)"> ID="1">Budgetary contingency reserve (6):"> ID="1">- Financing the 1993 Operating Budget> ID="2">70 000 000> ID="3">70 000 000> ID="4">0> ID="5">0> ID="6">0"> ID="1">- Indemnity provision> ID="2">85 636 968> ID="3">0> ID="4">5 311 743> ID="5">1 005 626> ID="6">91 954 337"> ID="1">- Reserve to cover any shortfall in income> ID="2">46 000 000> ID="3">14 000 000> ID="4">0> ID="5">0> ID="6">32 000 000"> ID="2">201 636 968> ID="6">123 954 337"> ID="1">Extraordinary income for financing the Operating Budget (7)> ID="2">51 000 000> ID="3">51 000 000> ID="4">22 000 000> ID="5">0> ID="6">22 000 000"> ID="1">Surplus from the outturn of the Operation Budget"> ID="1">1992 financial year> ID="2">53 096 427> ID="3">53 096 427"> ID="1">1993 financial year> ID="4">60 195 569> ID="5">0> ID="6">60 195 569"> ID="1">Provision for fines and surcharges to be paid subsequently (8)> ID="2">1 615 162> ID="3">0> ID="4">0> ID="5">0> ID="6">1 615 162"> ID="1">Provision for subsidies to be recovered (8)> ID="2">0> ID="3">0> ID="4">1 801 857> ID="5">0> ID="6">1 801 857"> ID="1">Total> ID="2">307 348 557> ID="3">188 096 427> ID="4">89 309 169> ID="5">1 005 626> ID="6">209 566 925""

>

17. RESERVES

"(ECU)"" ID="1">Guarantee Fund> ID="2">429 885 000> ID="3">0> ID="4">0> ID="5">429 885 000> ID="7">429 885 000"> ID="1">Special Reserve> ID="2">188 980 000> ID="3">0> ID="4">22 000 000> ID="5">166 980 000> ID="7">166 980 000"> ID="1">Former Pension Fund> ID="2">57 469 977> ID="3">1 453 352> ID="4">0> ID="5">58 923 329> ID="6">1 514 190> ID="7">60 437 519"> ID="1">Total> ID="2">676 334 977> ID="3">1 453 352> ID="4">22 000 000> ID="5">655 788 329> ID="6">1 514 190> ID="7">657 302 519">

The Guarantee Fund is intended to cover lending and borrowing operations. The ECSC's solvency ratio remains within the 14 to 16 % range recommended by a team of international experts to ensure that the structure of the balance sheet remains in equilibrium, having regard to the special status of the ECSC.

The Special Reserve is used to grand loans from ECSC own funds to finance subsidized housing. In order to be able to finance the 1994 Operating Budget and more particularly the social measures for the steel industry for the financial year, ECU 22 million has been withdrawn from the Special Reserve (note 16).

The former Pension Fund originally represented the ECSC's total pension obligations prior to 5 March 1968. Since that date, the Member States have assumed responsibility for the payment of staff pensions. This Fund is used to finance housing loans for officials of the European Communities and has also been used to grant special loans to the coal and steel industries.

18. ANALYSIS OF THE RESULT FOR THE FINANCIAL YEAR

Overall ECSC performance is influenced by both the result of non-budgetary operations (lending/borrowing - investment - exchange-rate variations) and the outturn of the ECSC Operating Budget.

18.1. NON BUDGETARY OPERATIONS

"(ECU)"" ID="1">GROSS OPERATING MARGIN BEFORE CHANGES IN PROVISIONS:"> ID="1">- Lending/borrowing operations 6 580 868 3 670 975"> ID="1">- Losses on loans and advances (9)> ID="2">- 39 277 925> ID="3">0"> ID="1">- Interest on bank accounts> ID="2">50 243 429> ID="3">87 304 194"> ID="1">- Transactions concerning portfolio securities> ID="2">195 676 879> ID="3">130 088 182"> ID="1">- Miscellaneous> ID="2">- 67 110> ID="3">5 672 055"> ID="1">Total> ID="2">213 156 141> ID="3">226 735 406"> ID="1">CHANGES IN PROVISIONS:"> ID="1">- Provision for liabilities and charges 22 155 1 434 783"> ID="1">- Reserve for exchange differences (10)> ID="2">2 610 106> ID="3">- 5 520 666"> ID="1">- Value adjustments in respect of loans and advances> ID="2">- 14 500 995> ID="3">- 91 139 215"> ID="1">Result of non-budgetary operations 201 287 407 131 510 308"> ID="1">Amount allocated to financing the Operating Budget (11) 207 000 000 0"> ID="1">Result after deducting the net balance allocated to the Operating Budget - 5 712 593 131 510 308""

>

18.2. Outturn of the ECSC Operating Budget

"(ECU)"" ID="1">OUTTURN OF THE BUDGET"> ID="1">Expenditure:"> ID="1">- Administrative expenditure (note 20)> ID="2">5 000 000> ID="3">5 000 000"> ID="1">- Legal commitments (note 15)> ID="2">531 215 791> ID="3">477 217 432"> ID="1">- Miscellaneous> ID="2">0> ID="3">243 505"> ID="1">Total> ID="2">536 215 791> ID="3">482 460 937"> ID="1">Revenue:"> ID="1">- Levy (note 25)> ID="2">121 253 971> ID="3">146 473 186"> ID="1">- Miscellaneaous (note 25)> ID="2">20 572> ID="3">11 945"> ID="1">- Cancellations of legal commitments (note 25)> ID="2">94 040 390> ID="3">75 768 132"> ID="1">- Surplus from the previous budget (note 16)> ID="2">53 096 427> ID="3">59 804 101"> ID="1">- Extraordinary revenue for financing the Operating Budget (note 16)> ID="2">51 000 000"> ID="1">- Withdrawal from the contingency reserve to finance the 1993 Operating Budget (note 16)> ID="2">70 000 000"> ID="1">- Net balance for the year (note 18.1)> ID="2">207 000 000> ID="3">253 500 000"> ID="1">Total> ID="2">596 411 360> ID="3">535 557 364"> ID="1">BUDGET OUTTURN> ID="2">60 195 569> ID="3">53 096 427">

18.3. Result for the financial year

"(ECU)"" ID="1">Result from non-budgetary operatings after deducting the net balance allocated to the Operating Budget (note 18.1)> ID="2">- 5 712 593> ID="3">131 510 308"> ID="1">Outturn of the budget (note 18.2)> ID="2">60 195 569> ID="3">53 096 427"> ID="1">Withdrawal from the Guarantee Fund/Special Reserve (note 17)> ID="2">22 000 000> ID="3">53 000 000"> ID="1">Total> ID="2">76 482 976> ID="3">237 606 735"> ID="1">Allocation to the provision for financing the Operating Budget (note 16)> ID="2">- 67 309 169> ID="3">- 184 733 395"> ID="1">Withdrawal from the provision for financing the Operating Budget (note 16)> ID="2">14 000 000> ID="3">0"> ID="1">Allocation extraordinary revenue 1993/94 budget (note 16)> ID="2">- 22 000 000> ID="3">- 51 000 000"> ID="1">RESULT BEFORE ALLOCATION> ID="2">1 173 807> ID="3">1 873 340">

19. INTEREST AND OTHER CHARGES

"(ECU)"" ID="1">Interest on loans and swaps> ID="2">918 480 328> ID="3">940 725 512"> ID="1">Bank interest> ID="2">130 265> ID="3">1 513 958"> ID="1">Issuing costs and redemption premiums> ID="2">20 211 690> ID="3">11 540 426"> ID="1">Total> ID="2">938 822 283> ID="3">953 779 896">

20. ADMINISTRATIVE

The ECSC paid a lump sum of ECU 5 million to the general budget of the Commission of the European Communities to cover its administrative expenditure.

21. OTHER OPERATING CHARGES

"(ECU)"" ID="1">Borrowing costs> ID="2">214 916> ID="3">420 531"> ID="1">Swift/Reuters charges> ID="2">121 616> ID="3">140 812"> ID="1">Other> ID="2">26 330> ID="3">10 944"> ID="1">Total> ID="2">362 862> ID="3">572 287">

22. VALUE ADJUSTMENTS IN RESPECT OF LOANS AND ADVANCES

This item includes value adjustments in respect of loans and advances, other assets and accruals and deferred income.

23. INTEREST RECEIVED AND SIMILAR INCOME

"(ECU)"" ID="1">Interest on loans and swaps> ID="2">929 835 401> ID="3">949 599 939"> ID="1">Payment and redemption premiums> ID="2">17 960 373> ID="3">8 824 756"> ID="1">Bank interest> ID="2">50 373 693> ID="3">88 810 339"> ID="1">Interest on bonds and other fixed-income securities> ID="2">143 666 210> ID="3">124 484 602"> ID="1">Total> ID="2">1 141 835 677> ID="3">1 171 719 636">

24. OTHER OPERATING INCOME

"(ECU)"" ID="1">Lapsed coupons and bonds> ID="2">21 849> ID="3">11 089"> ID="1">Income from buildings> ID="2">1 327 427> ID="3">1 071 714"> ID="1">Miscellaneous> ID="2">397 851> ID="3">114 433"> ID="1">Total> ID="2">1 747 126> ID="3">1 197 236">

25. INCOME RELATING TO THE OPERATING BUDGET

"(ECU)"" ID="1">Levy (12)> ID="2">121 253 971> ID="3">146 473 186"> ID="1">Fines (13)> ID="2">0> ID="3">0"> ID="1">Miscellaneous> ID="2">20 572> ID="3">10 618"> ID="1">Cancellation of legal commitments (note 15)> ID="2">94 040 390> ID="3">75 768 132"> ID="1">Repayment of interest subsidies (notes 5.4 and 16)> ID="2">1 801 858> ID="3">0"> ID="1">Total> ID="2">217 116 791> ID="3">222 251 936""

>

26. OFF-BALANCE-SHEET COMMITMENTS

26.1. Commitments received

"(ECU)"" ID="1">(a) Commitments arising from swaps:"> ID="1">- Notional capital commitments relating to interest-rate swaps> ID="2">784 961 832> ID="3">840 423 237"> ID="1">- Capital commitments relating to interest-rate and currency swaps> ID="2">3 786 053 022> ID="3">3 852 663 317"> ID="1">(b) Commitments on securities"> ID="1">- Securities bought forward> ID="2">0> ID="3">25 308 647"> ID="1">Total> ID="2">4 571 014 854> ID="3">4 718 395 201">

26.2. Commitments given

"(in ECU)"" ID="1">(a) Loans granted:"> ID="1">- Global loan contracts, lines still to be used> ID="2">1 617 931 517> ID="3">1 829 227 870"> ID="1">- Loans from borrowed funds signed but not yet disbursed> ID="2">443 656 513> ID="3">851 968 081"> ID="1">- Loans from own funds signed but not yet disbursed> ID="2">10 294 160> ID="3">18 238 892"> ID="1">(b) Commitments arising from swaps:"> ID="1">- Notional capital commitments relating to interest-rate swaps> ID="2">778 477 403> ID="3">840 423 237"> ID="1">- Capital commitments relating to interest-rate and currency swaps> ID="2">4 191 809 297> ID="3">4 122 694 510"> ID="1">(c) Commitments on securities:"> ID="1">- Securities bought forward> ID="2">0> ID="3">25 308 647"> ID="1">- Securities sold forward> ID="2">0> ID="3">0"> ID="1">(d) Receipts form lapsed coupons and bonds> ID="2">21 849> ID="3">11 089"> ID="1">Total> ID="2">7 042 190 739> ID="3">7 687 872 326">

27. CHANGES IN THE FINANCIAL SITUATION FOR THE YEAR ENDING 31 DECEMBER 1993

"(ECU million)"" ID="1">Origin of funds"> ID="1">Balance of profit-and-loss account> ID="2">1,2> ID="3">1,9"> ID="1">Items not involving a movement of funds:"> ID="1">- Amortization of issuing costs and redemption premiums> ID="2">2,3> ID="3">2,7"> ID="1">- Value adjustments in respect of securities> ID="2">- 8,3> ID="3">- 0,3"> ID="1">- Value adjustments in respect of tangible assets> ID="2">0,9> ID="3">0,8"> ID="1">- Value adjustments in respect of loans and advances (net)> ID="2">13,3> ID="3">91,2"> ID="1">- Increase (decrease) in 'Provision for legal commitments'> ID="2">78,1> ID="3">- 5,7"> ID="1">- Increase (decrease) in 'Provision for financing the ECSC Operating Budget'> ID="2">- 97,8> ID="3">- 78,1"> ID="1">- Increase (decrease) in accruals and deferred payments> ID="2">- 10,2> ID="3">4,9"> ID="1">- Decrease (increase) in accruals and deferred income and issuing costs and redemption premiums> ID="2">1,2> ID="3">- 16,9"> ID="1">39,8> ID="2">258,1"> ID="1">- Decrease (increase) in 'Other assets'> ID="2">- 60,1> ID="3">2,1"> ID="1">- Allocation to the provision for risks and charges> ID="2">- 0,5> ID="3">- 1,3"> ID="1">- Allocation to the provision for changes in the ecu rate> ID="2">- 2,6> ID="3">5,5"> ID="1">- Contributions not yet received from new Member States> ID="2">0,0> ID="3">0,0"> ID="1">- Exchange-rate adjustments in respect of borrowings and loans> ID="2">- 135,9> ID="3">- 190,3"> ID="1">- Withdrawal from Guarantee Fund/Special Reserve> ID="2">- 22,0> ID="3">- 53,0"> ID="1">TOTAL FUNDS> ID="2">- 200,6> ID="3">21,6"> ID="1">Other resources:"> ID="1">- Proceeds of borrowings> ID="2">907,6> ID="3">1 474,4"> ID="1">- Loan repayments> ID="2">1 067,2> ID="3">1 295,2"> ID="1">- Contributions from new Member States (paid up)> ID="2">0,0> ID="3">0,0"> ID="1">TOTAL RESOURCES> ID="2">1 774,2> ID="3">2 791,2"> ID="1">Use of funds:"> ID="1">- Loan disbursements> ID="2">922,9> ID="3">1 405,0"> ID="1">- Redemptions of borrowings> ID="2">901,3> ID="3">1 259,9"> ID="1">- Increase (decrease) in bank balances and portfolio> ID="2">- 57,3> ID="3">125,0"> ID="1">- Acquisition and construction of buildings> ID="2">7,3> ID="3">1,3"> ID="1">TOTAL USES> ID="2">1 774,2> ID="3">2 791,2">

OUTTURN OF THE ECSC OPERATING BUDGET FOR 1993

"(ECU million)>(14)"> ID="1">Operations to be financed from current resources (not reimbursable):"> ID="1">1. Administrative expenditure> ID="2">5> ID="4">5"> ID="1">2. Aid for redeployment (Article 56)> ID="2">185> ID="4">182,381"> ID="1">3. Aid for research (Article 55)> ID="2">124,8> ID="4">124,584"> ID="1">3.1. Steel (15) 3.2. Coal (15) 3.3. Social (15)> ID="3">58 51,8 15> ID="5">58 51,797 14,787"> ID="1">4. Interest subsidies> ID="2">127> ID="4">114,251"> ID="1">4.1. Investment (Article 54)> ID="3">-> ID="5">-"> ID="1">4.2. Conversion (16) (Article 56)> ID="3">127> ID="5">114,251"> ID="1">5. Social measures in connection with the restructuring of the steel industry (16)> ID="2">60> ID="4">60"> ID="1">6. Social measures in connection with the restructuring of the coal industry (16)> ID="2">50> ID="4">50"> ID="1">7. Damages and interest payable> ID="2">t. E.> ID="4">t. E."> ID="1">Surplus> ID="2">-> ID="4">60,195"> ID="1">Operations financed by loans from non-borrowed funds:> ID="4">Origin of non-borrowed funds:"> ID="1">Subsidized housing> ID="2">19> ID="3">t. e.> ID="4">Special reserve and former ECSC Pension Fund> ID="5">19> ID="6">t. E.""

>

>(21)"> ID="1">Resources for the financial year:"> ID="1">1. Current resources"> ID="1">1.1. Yield from levy at 0,25 %> ID="2">117> ID="3">121,254"> ID="1">1.2. Net balance> ID="2">252> ID="3">277"> ID="1">1.3. Fines and surcharges for late payment (22)> ID="2">t. E.> ID="3">-"> ID="1">1.4. Miscellaneous> ID="2">t. E.> ID="3">0,021"> ID="1">2. Cancellation of commitments unlikely to be implemented> ID="2">78,7> ID="3">94,040"> ID="1">3. Unused resources carried over from 1992> ID="2">53,1> ID="3">53,096"> ID="1">4. Extraordinary receipts Social measures in connection with the restructuring of the steel industry> ID="2">t. E.> ID="3">t. E."> ID="1">5. Utilization of the contingency reserve (23)> ID="2">t. E.> ID="3">t. E."> ID="1">6. Extraordinary resources (24)> ID="2">51> ID="3">51">

(1) This provision was created to allow the ECSC to meet its obligations in respect of a securities transaction on which there is a difference of interpretation regarding the applicability of withholding tax.

(2) This provision was created to cover the risk of price movements on the futures contracts existing at the end of the financial year for the purchase and sale of securities.

(3) This provision was created from the profit on the sale of the Paris building at the end of 1990 with a view to purchasing car-parking spaces in 1991 and equipping the residence in Avenue H. Martin. Work on the residence was completed in 1993, and the balance of this provision has been divided between the ECSC, Euratom and the EEC in proportion to their initial contribution to the purchase of the Paris building.

(4) This provision was created to cover any legal costs and other unforeseen expenditure. The risk in question is primarily in the legal field because the ECSC has less recourse, for its operations, to national agents who bear all expenditure relating to loan operations.

(6) This reserve is intended to cover the following amounts:

- ECU 92 million for the maximum amount of compensation which the ECSC is likely to have to pay to companies in respect of losses suffered by them in connection with the application of the quota system was in force between October 1980 and June 1988,

- ECU 32 million for any difference between expenditure committed and income generated by ECSC activities during the financial year.

(7) In 1992, the ECSC constituted a provision of ECU 51 million for financing additional social measures for the iron and steel industry under the 1993 ECSC Operating Budget. On 31 December 1993, it constitued a further provision of ECU 22 million to finance the additional social measures provided for in the 1994 Operating Budget.

(8) Fines and interest subsidies whose repayment has been requested are considered as ECSC resources only when they have actually been paid. Fines imposed but not yet paid and interest subsidies whose repayment has been requested are therefore allocated to provisions

(5) This is the result of changes in the exchange rates used to convert provisions held in foreign currencies (note 1). The matching entry can be found under 'Conversion difference' in the profit-and-loss account.

(9) This loss was offset by a withdrawal from the value-adjustment provision constituted for the purpose on 31 December 1992. This withdrawal is included in the figure given below under 'Value adjustments in respect of loans and advances.'

(10) During 1993, changes in exchange rates led to a conversion loss of ECU 2 610 106, which was offset by a withdrawal from the reserve for exchange differences.

(11) In accordance with the change of accounting method on 31 December 1992, the income received during the 1993 financial year has been allocated to financing the 1993 Operating Budget (net balance as in 18.2). In 1992, the net balance generated by the ECSC's activities was added to the contingency reserve and the Operating Budget was funded by a withdrawal from the item 'Net balance of the provision for financing the Operating Budget' (note 18.2) constituted from income for 1991.

(12) The ECSC is authorized under the Treaty to impose a levy on coal and steel produced by undertakings in the Community. The levy is calculated on the basis of the average values in the Community of the various products concerned. The levy rate was 0,31 %, for the years 1980 to 1990, 0,29 %, for 1991, 0,27 % for 1992 and 0,25 % for 1993. On 21 December 1993, the Commission decided to set the levy rate for the 1994 financial year at 0,23 %.

At 31 December 1993, levy income included ECU 192 992 in respect of surcharges for late payment (ECU 110 911 at 31 December 1992)

(13) This item comprises the revenue from fines imposed by the Commission in accordance with Articles 58 and 60 of the ECSC Treaty, together with surcharges for late payment.

(14) See the Commission's outturn forecast of 10 November 1993 (OJ No C 307, 13. 11. 1993).

(15) Aid for projects with a specific impact on the environment:

Forecast: lines 3.1: 7 Outturn: lines 3.1: 7,336

3.2: 16 3.2: 25,435

3.3: 3 3.3: 5,198

(16) Rechar programme:

Forecast: lines 4.2: 50 Outturn: lines 4.2: 13,519

6: 50 6.: 50

(17) The amount due to the ECSC at 31 December 1993 was ECU 1 615 162.

(18) The amount available at 31 December 1993 was ECU 32 million.

(19) Source: Guarantee Fund.

(20) Implemantation delayed. Council assent was given on 17 December 1993 for the first two tranches of the 12th Programme: ECU 19 million forecast for 1993 and ECU 17 million for 1994.