Report from the Commission - ECSC - 1999 Financial Report
Date: 2000-07-18
Institutions: European Commission
Subjects: ECSC, EU financing, activity report, balance sheet













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52000SC1198

Report from the Commission - ECSC - 1999 Financial Report  /* SEC/2000/1198 final */  









REPORT FROM THE COMMISSION - ECSC - 1999 FINANCIAL REPORTActivity ReportEconomic background and developments in ECSC industriesECSC lending and guarantee operationsECSC borrowing operationsOther ECSC activitiesOut-turn of the ECSC operating budgetECSC financial statementsBalance sheet at 31 December 1999Profit-and-loss account for the year ending 31 December 1999Allocation of the surplus for the year ending 31 December 1999Notes to the above financial statementsReport by the Court of Auditors on the financial statements of the European Coal and Steel Community at 31 December 1999AnnexesAnalysis of loans outstanding by guarantees receivedStatement of consolidated debt at 31 December 1999Main characteristics of borrowings outstanding at 31 December 1999Operations under the ECSC operating budgetECSCThe European Coal and Steel Community was established under the Treaty signed in Paris on 18 April 1951 by Belgium, the Federal Republic of Germany, France, Italy, Luxembourg and the Netherlands. The Treaty entered into force in 1952 for a period of fifty years and will expire on 23 July 2002. Denmark, Ireland and the United Kingdom became members of the ECSC on 1 January 1973, Greece on 1 January 1981, Spain and Portugal on 1 January 1986, and Austria, Finland and Sweden on 1 January 1995. The fifteen member countries are referred to hereinafter as the "Member States".Commission  //  The European Commission exercises the powers and responsibilities devolving upon the former High Authority in accordance with the rules laid down by the ECSC Treaty.At 31 December 1999, the members of the Commission were:Mr Romano Prodi PresidentMr Neil Kinnock Vice-PresidentMrs Loyola de Palacio Vice-PresidentMr Mario Monti MemberMr Franz Fischler MemberMr Erkki Liikanen MemberMr Frits Bolkestein MemberMr Philippe Busquin MemberMr Pedro Solbes Mira MemberMr Poul Nielson MemberMr Günter Verheugen MemberMr Chris Patten MemberMr Pascal Lamy MemberMr David Byrne MemberMr Michel Barnier MemberMrs Viviane Reding MemberMrs Michaele Schreyer MemberMrs Margot Wallström MemberMr Antonio Vitorino MemberMrs Anna Diamantopoulou MemberThe lending/borrowing and ECSC investments sectors are the responsibility of Mr Pedro Solbes Mira.Directorate-General forEconomic and Financial AffairsThe ECFIN Directorate-General - Financial Operations Service (FOS) conducts the ECSC's main financial operations under the authority of Mr Giovanni Ravasio, Director-General of DG ECFIN, and Mr Paul Goldschmidt, Director of the FOSAddress  //  European CommissionECFIN Directorate-General - Financial Operations ServiceCentre WagnerRue Alcide De GasperiL - 2920 LUXEMBOURGTel. (352) 4301-1Fax (352) 43 63 22Internet: registry@cec.eu.intEuro  //  Article 121 of the Treaty establishing the European Community laid down 1 January 1999 as the starting date for the third phase of economic and monetary union. On 3 May 1998 a Council meeting of the Heads of State or Government confirmed that Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland met the conditions required for adopting the single currency, the euro, from 1 January 1999. On 31 December 1998 [1] the Council fixed irrevocably the conversion rates between the euro and the currencies of the Member States which were to adopt it:[1]  Council Regulation (EC) N° 2866/98, OJ L 359, 31.12.1998&gt;TABLE POSITION&gt;The euro exchange rates for the currencies of the other EU countries and some non-member countries are given on page ...Activity ReportEconomic background and developments in ECSC industriesEconomic situation in the European Union in 1999In terms of economic growth, 1999 finished better than it started. The first half of the year suffered the consequences of the crisis in the emerging economies, which had the effect of reducing the European Union's external trade. Producers' confidence was undermined, which resulted in the stagnation of growth in industrial production during this period, despite the fact that the consumption of households remained buoyant and made it possible to overcome these temporary difficulties. Private investment continued its upward trend, with the growth in capital expenditure on infrastructure increasing from 6.4% in 1998 to 7.0% in 1999.In the second half of the year, there was an upturn in economic activity as a result of strong internal demand and a recovery in external demand due to the resumption of growth world-wide, particularly in Asia.Overall, as a result of the negative features in the first half of the year, growth in GDP was slightly over 2% in 1999, compared with 2.6% in 1998. However, there was an upward trend in the underlying quarterly profile during 1999.Monetary conditions in the euro zone proved a major boost to final demand. Inflation remained particularly low in the euro zone (about 1%), despite the two adverse factors of the increase in oil prices (doubling of the price per barrel since January 1999) and the depreciation of the euro against the US dollar, which pushed up the price of imported products. The growth rate for 1999 was only about 1.7% for the Union as a whole and 1.6% for the eleven countries in the euro zone.The downward trend in unemployment over the past few years was not too much affected by the slowdown in growth. This can be explained by the increase in employment in recent years, by the fact that the external shock mainly affected the manufacturing sector, which now employs less than 20% of the working population, and lastly by the fact that the slowdown was perceived from the outset as temporary, which limited the number of redundancies.However, 1999 saw the growth rate in employment fall to 0.9%, which was 0.2% down on the previous year. Average unemployment in the Union fell from 10% in 1998 to 9.5% in 1999.Public sector deficits also continued to decrease, from 1.8% of GDP in 1998 to 1.4% in 1999.Coal industryCoalDeliveriesInland coal deliveries in the Member States in 1999 totalled 248.8 million tonnes, which was some 14.6 million less (-5.6%) than the 1998 figure of 263.4 million. The surge in oil prices in the second half of the year did little to slow the downward trend, while the weak economic growth in the EU reduced energy demand.The 1999 data by sector show that deliveries to power stations totalled 173.8 million tonnes, i.e. 5.6% less than the 1998 figure of 184.1 million. Deliveries declined in all Member States, except for Spain and Portugal where they were 27 million and 5 million tonnes respectively compared with 24.9 million and 4.2 million in 1998. This is explained by the drought in the Iberian Peninsula, which reduced the power output from hydroelectric plants. The biggest drop, from 48.3 million to 40.3 million tonnes, was in the United Kingdom, where some long-term supply contracts with power producers expired and were renewed at lower levels.Deliveries to coking plants were expected to be 49 million tonnes in 1999 against 51.9 million in 1998. "Other" industries and the domestic sector (including issues to workers) appear to be following the same trend, with deliveries totalling 25.5 million tonnes compared with 27 million in 1998, i.e. a fall of 1.5 million tonnes or 5.5%.Total inland deliveries in the Member States are forecast to be 239.3 million tonnes in 2000, a drop of 10.5 million or 3.8% compared with 1999. This trend is expected to affect mainly the power station sector (-8.7 million tonnes), although some decreases are also expected in deliveries to coking plants and "other" industries; small reductions are also expected in other sectors.ProductionCoal production in the Member States has continued to decline owing to the high costs of domestic production compared with imported coal, which has been available at very low prices because of a particularly weak freight market. In 1999 production is expected to be about 100 million tonnes compared with 106.6 million in 1998, i.e. down by 6.6 million tonnes or 6.2%.Forecasts for annual production in 2000 show a continuing decline in indigenous production. Total production is expected to fall to 86 million tonnes, a further drop of 14%, which will concern all the producer countries.ImportsIn 1999, imports from non-EU countries were estimated at 152.9 million tonnes, which is much the same as in 1998 and represents 60% of total availability in the Member States. The purchasing policies of coal importers continued to be reflected in changes in the sources of supply. With plenty of coal available on the market, there has been a trend in recent years to buy coal on a spot basis, moving away from long-term contracts, particularly for steam coal. Since coal prices continued to weaken in 1999, some coals had become uncompetitive (e.g. coal from the United States, which is the swing supplier and was also damaged by the high level of the currency) and were no longer being offered on the market except where there were long-term contracts, to the advantage of other exporting countries. South Africa, whose coals are cheap, remained the leading exporter to Europe, shipping over 30 million tonnes, followed by Australia with about 23 million tonnes. In 1999 these two countries together supplied over a third of the coal imports required by the European Union.It is forecast that imports in 2000 will be 154 million tonnes, which is much the same as in 1999.CokeTotal coke production in the Member States was 37.7 million tonnes in 1999, compared to reported coke production in 1998 of 39.4 million.Inland deliveries totalled 45.3 million tonnes in 1999, of which 40.3 million or 89% went the steel industry. This compares with 46.8 million tonnes in 1998. Coke imports from non-EU countries amounted to 7.9 million tonnes in 1999 but are expected to rise to 8.2 million in 2000.It is forecast that coke production will rise to 38 million tonnes in 2000 but will remain below the 1998 figure of 39.4 million. Deliveries will in 2000 be down slightly at 44.9 million tonnes.State aidPublic aid to the coal industry is governed by Commission Decision N° 3632/93/ECSC [2] of 28 December 1993, which lays down the Community rules applicable until the expiry of the ECSC Treaty in July 2002. Such aid can be regarded as compatible with the proper functioning of the common market only if it helps to achieve at least one of the following objectives:[2]  OJ L329, 30.12.1993, p. 12- to make, in the light of coal prices on international markets, further progress towards the economic viability of this sector with the aim of reducing aid;- to solve the social and regional problems created by total closure or reductions in the activity of production units;- to help the coal industry adjust to environmental protection standards.The main points regarding 1999 are as follows.1. On 22 December 1998, the Commission authorised Germany [3] to grant financial aid to the coal industry for the financial year 1999 totalling EUR 4 607.3 million (DEM 9 195.3 million), of which EUR 4 226.8 million (DEM 8 436 million) was linked to current production, while 380.4 million (DEM 759.3 million) went to cover inherited liabilities.[3]  Decision 1999/299/ECSC, OJ L 117, 5.05.1999, p. 442. On 20 January 1999, the Commission issued a letter of formal notice [4] to France concerning the aid paid to Charbonnages de France (CdF) which had been authorised by the Commission as production-support aid for the financial years 1994 (Decision 95/465/ECSC), 1995 (Decision 95/579/ECSC) and 1996 (Decision 96/458/ECSC). The letter also referred to 1997 and 1998, for which State aid has not yet been authorised. The Commission issued this letter in response to a complaint from five French companies alleging misuse of the State aid, which France grants annually to the public company CdF. It denounced the sale of coal by the CdF group at a price that is generally lower than that on the world market, a practice supported by State aid.[4]  OJ C99, 10.04.1999, p. 93. On 4 May 1999, the Commission authorised Spain [5] to grant financial aid for the financial year 1999 totalling EUR 1 071.3 million (ESP 178 250 million), of which 727.4 million (ESP 121 030 million) was linked to current production, while 343.9 million (ESP 57 220 million) was to cover inherited liabilities.[5]  Decision 1999/451/ECSC, OJ L 177, 13.07.1999, p. 274. On 9 July 1999, the Commission issued a letter of formal notice [6] to France concerning the production-support aid paid to Charbonnages de France (CdF) for the financial years 1997, 1998 and 1999 which had not been authorised by the Commission. The question arises as to whether the loans which CdF issued on the financial markets and which - in the light of a financial analysis carried out by the Commission - seem to have been issued for the sole purpose of covering operating losses and the interest charges resulting from previous loans, fall within the definition of aid for the purposes of Community rules. Despite its critical financial situation, CdF enjoys the highest rating on the international financial markets for its short- and medium-term loans (AAA Standard & Poor's, confirmed by Moody's). In the absence of formal guarantees, the Commission considers that the confidence thus shown by international financial markets can be explained only by a tacit guarantee from the French Government for loans issued by CdF, which can therefore be regarded as undeclared State aid.[6]  OJ C280, 02.10.1999, p. 35. On 18 January 1999, a UK coal producer (RJB Mining plc) lodged an application before the Court of First Instance of the European Communities [7] with a view to obtaining the annulment of the decision on the granting of State aid to the German coal industry [8] for the financial year 1998. The application is being examined by the Court under reference number T-12/99.[7]  OJ C86/99, 27.03.1999, p. 25[8]  Decision 99/270/EC, OJ L 109, 27.04.1999, p.146. On 3 March 1999, the same producer lodged an application before the Court of First Instance of the European Communities [9] with a view to obtaining the annulment of the decision on the granting of State aid to the German coal industry [10] for the financial year 1999. The application is being examined by the Court under reference number T-63/99.[9]  OJ C 160/99, 05.06.1999, p. 26[10]  Decision 99/299/ECSC, OJ L 117, 05.05.1999, p. 447. On 3 March 1999, the same producer lodged an application before the Court of First Instance of the European Communities [11] complaining that the Commission had failed to determine whether undeclared State aid had been involved in the acquisition of Saarbergwerke GmbH and Preussag Anthrazit GmbH by Ruhrkohle AG [12]. The application is being examined by the Court under reference number T-64/99.[11]  OJ C 160/99, 05.06.1999, p. 27[12]  Decision not published8. On 25 January 1999, a German power producer (VASA Energy GmbH & Co.) lodged an application before the Court of First Instance of the European Communities [13] against the Commission for allegedly failing to take action following their complaint about the operation mentioned in point 7). The application, which has several points in common with the action referred to in point 7), is being examined by the Court under reference number T-29/99.[13]  OJ C 86/99, 27.03.1999, p. 329. On 9 September 1999, the Court of First Instance of the European Communities ruled against RJB Mining plc on two points of law relating to case T-110/98 [14] concerning the annulment of the Commission decision on the State aid granted to the German coal industry for the financial year 1997 [15].[14]  OJ C 314/99, 30.10.1999, p. 8[15]  Decision 98/687/ECSC, OJ L 324/98, 02.12.1998, p.30Iron and steel industryWith the upturn in the Community economy, which was fairly marked from the summer of 1999 on, and a stock-adjustment period at the beginning of 1999, mainly as a result of a very marked increase in external demand following the recovery in world growth, in particular that of certain Asian countries, and of a steady improvement in the indicator of consumer confidence, the main steel-consuming sectors, particularly those more exposed to world competition such as the engineering and electrical industries, saw their activity picking up considerably, especially during the second half of 1999. In the steel sector, these developments were reflected in an increasingly marked rise in demand and a firm price recovery, despite differing trends for different products.In recent consultations, EU steel producers declared themselves satisfied both with the very positive trend in demand during the summer of 1999 and with the reversal of the price trend over the year. They are afraid, however, that the foreseeable increase in certain disruptive imports during 2000 will jeopardise the recovery of the Community market, which is still beset by uncertainty.Throughout the first half of 1999, Community steel production was in steep decline, but it gradually levelled out during the third quarter. With the end of the stock-adjustment period, which had led to a substantial drop in the demand for steel at the beginning of 1999, and after a marked decrease in imports of steel products to the Union, there was a gradual improvement in various short-term factors and an increase in Community steel production, so that at the end of 1999 total steel production was about 155 million tonnes, which was 2.9% down on the 1998 figure.At the same time, the maximum production potential (MPP) for raw steel is forecast to increase to 203.4 million tonnes in 2002, after bottoming out at 198.5 million, which corresponds to a growth rate of 1.8 million tonnes/year, of which 40.5% will be produced by electric-arc furnaces (EAF).Similarly, the trend in MPP for continuous casting is set to rise until 2002, replacing the ingot process. MPP should then total 190 million tonnes, which means that over 93% of all Community steel will be continuously cast in 2002.The MPP for hot-rolled products will increase from 182.7 million tonnes in 1999 to 187.5 million in 2002, owing mainly to greater capacity for hot wide strip. The forecasts have thus been revised slightly downwards in relation to those in the 1998 report.Capacities for cold-rolled sheet are expected to increase to about 61.5 million tonnes. The same applies to the MPP for metal-coated sheet, particularly by the hot-dip process, which is tending to replace uncoated sheet.Capital investment in the steel industry in 1999 fell to EUR 3 341 million. It should be noted, however, that this is a minimum figure since only about 90% of the companies replied to the survey that year.ECSC lending and guarantee operationsGeneral trend in 1999In June 1994 [16], in view of the expiry of the ECSC Treaty in July 2002, the Commission readjusted its borrowing/lending policy under the Treaty. The granting of new loans out of borrowed funds was gradually reduced and virtually ceased in the course of 1997 (except for certain exceptional cases covered by government guarantees).[16]  OJ C 175, 28.6.1994The financing of workers' housing ended with the twelfth programme. The payment of the 1998 tranche was the last under this programme. There were no payments in 1999.The loans granted for this purpose come from the ECSC's own funds. They are long-term loans with an interest rate of 1% per annum and are usually denominated in the currency of the recipient country.Breakdown by Member State of loans disbursed since the inception of the ECSC(EUR million)&gt;TABLE POSITION&gt;(1) Loans for financing industrial investment(2) Conversion loansSince the start of its financial activity, the ECSC has disbursed loans amounting to EUR 24,3 billion, of which EUR 23,65 billion from borrowed funds and EUR 644 million from own funds (Special Reserve and former Pension Fund).With the guarantees granted during the same period (EUR 77,8 million), the total of ECSC financial activity is EUR 24,4 billion.Amounts outstanding on ECSC loansLoans from borrowed funds(EUR million)&gt;TABLE POSITION&gt;(1) Loans for financing industrial investment(2) Conversion loans(3) Loans for financing industrial investment in the countries of Central and Eastern Europe (CEECs) and loans for financing the construction of workers' housingLoans from own funds(EUR million)&gt;TABLE POSITION&gt;(1) Loans for financing industrial investment(2) Conversion loans(3) Loans for financing the construction of workers' housingECSC borrowing operationsIn 1999 the ECSC did not engage in any borrowing activity owing to the forthcoming expiry of the ECSC TreatyIts activity was confined to managing existing borrowings, which amounted to EUR 2 432.2 million at 31 December 1999 (see table below).Total ECSC borrowings at 31 December 1999(EUR million /rate at 31/12/99)&gt;TABLE POSITION&gt;(EUR million)Amortisation's in 1999: 509.7Amount outstanding at 31 December 1999: 2 432.2Other ECSC activitiesRedeployment aid[Article 56(1)(c) and (2)(b) of the ECSC Treaty]Traditional and supplementary aidRedeployment aid is an essential social complement to the European Union's industrial policy in the ECSC sectors. When permanent closures, cutbacks or changes in activity or, in the case of the coal industry, the introduction of new technologies or production processes, lead to job losses, the European Union endeavours to mitigate the social repercussions for the workers, mainly through redeployment measures. It thus helps to finance aid to limit income losses for the workers affected.The aid is granted under arrangements set out in bilateral agreements and takes account of the recipients' circumstances (early retirement, unemployment, transfer, or retraining).The average maximum amount granted per worker is EUR 3 000. However, all ECSC payments are conditional on payment by the Member State concerned of at least an equivalent contribution.In addition to this "traditional" system of aid under Article 56(1)(c) and (2)(b) of the Treaty, the ECSC has stepped up its operations in the coal sector.In application of its Decision of 25 June 1997 to launch a programme of supplementary social measures to accompany the restructuring of the coal industry (Rechar) for the period from 1998 to 2000 (possibly, depending on the available funds, to be extended to 2002 if the needs warrant it), the Commission stepped up Community co-financing of schemes to help miners who lose their jobs as a result of restructuring: payments for early retirement, unemployment (including redundancy payments and severance grants) or redeployment (allowances for loss of earnings, mobility allowances etc.). The supplementary aid thus granted amounts to an average of about EUR 4 000 per worker taking early retirement and EUR 2 000 for those who become unemployed or are redeployed.In the steel sector, the supplementary programme (social measures for steel, 1993-1995) having been completed, the Commission did not earmark any additional amounts but paid out aid to which it was already committed.The tables in the annex show the breakdown of recipients by Member State and amounts granted in 1999 in the form of "traditional" aid, aid under the supplementary "coal" programme and the cumulative situation as at 31 December for the past two years (including the supplementary "steel" programme).Aid for steel industry research(Article 55 of the ECSC Treaty)1. Research and technological developmentIn 1999 the ECSC RTD "steel" programme was granted EUR 56 million for the funding of research and pilot/demonstration projects under Article 55 of the ECSC Treaty (aid for steel research.The Commission selected and financed 72 research projects from the 154 proposals received and 18 pilot and demonstration projects from the 30 proposals received which were seeking financial support.Funding for the research projects totalled EUR 44.53 million and for the pilot and demonstration projects EUR 11.12 million.Financial aid for the research projects breaks down by domain as follows:- reduction of iron ores: 12%; steelmaking: 17%; rolling: 34%- properties and performance: 30%- measurement and analyses: 7%Financial aid for the pilot and demonstration projects breaks down by domain as follows:- iron- and steel-making: 24%- rolling and product treatment: 42%; on-line control: 31%- steel structures: 3%The main aims of these projects are to reduce production costs, improve the quality and performance of products, promote the use of steel, extend the areas of application of steel, adapt production conditions to environmental requirements, develop new processes and test innovatory applications.The ECSC RTD programme may also include projects, which have an impact on technical measures to combat harmful effects at the workplace and around steel plants. To this end, the Commission financed, from the 90 projects selected, five research projects and three pilot/demonstration projects for a total of EUR 4.74 million.2. Accompanying and support measuresThese measures for supplementing or coordinating research activities are intended to increase the effectiveness of the programme.They were allocated EUR 0.35 million in 1999.Two interprofessional meetings were thus organised: one on steel research and environmental questions and the other, in collaboration with the generic action "Measurement and Testing" under the Fifth Framework Programme, on the development and validation of laser-milling technologies.The Commission also subsidised international events: one in Italy on stainless steels and the others in Germany and France on the latest advances in steel-making technology.Furthermore, and again with a view to coordinating and extending contacts among researchers in order to promote and encourage the dissemination of information on the ECSC's steel programme, an "ECSC Steel Research" home page is now available on the Internet (http://www.cordis.lu/ecsc-steel/home.html), and an information bulletin entitled "Steel RTD Newsletter" was launched in June 1998.Aid for coal industry research(Article 55 of the ECSC Treaty)In the field of technical coal research, 35 projects were granted financial support under Article 55 of the ECSC Treaty for a total of EUR 27 593 694, plus EUR 406 306 for the dissemination of the research results and associated costs.The main aims of the projects were effective protection of the environment, raising public awareness of coal as an energy source, improving the competitive position of coal, and the rational use of Community resources. Of the total of EUR 27 593 694 of approved aid, EUR 12 363 440 (44.8%) was earmarked for research projects having a specific environmental impact and EUR 5 292 240 (19.2%) for projects relating to health and safety in mines.The financial aid breaks down by field of research as follows:&gt;TABLE POSITION&gt;Out-turn of the ECSC operating budgetOver the past decade the ECSC budget rose from ECU 457 million in 1989 to peak at ECU 596 million in 1993 before beginning a downward trend which is set to continue until the expiry of the ECSC Treaty in 2002.The breakdown of resources and expenditure in the 1999 budget is shown below.RevenueThe High Authority (the Commission) is empowered to raise the funds needed to carry out its mandate by setting a levy on the production of coal and steel.However, the Commission decided to set the rate of the levy at 0% in 1999, since the provisions entered in the ECSC balance sheet at 31 December 1998 were deemed sufficient to maintain the ECSC's budgetary activity at the appropriate level until the expiry of the Treaty.The resources used to finance the ECSC budget in 1999 came from:- the "net balance" of financial operations, particularly interest from the investment of the cash, reserves and other provisions entered in the ECSC balance sheet,- the cancellation of commitments which were not implemented,- fines,- miscellaneous resources.For 1999 these types of revenue were EUR 80 million, 85 million, 17 million and 3 million respectively.In 1999 the revenue of the ECSC operating budget therefore totalled EUR 185 million.ExpenditureThe revenue of the operating budget is intended to cover the various types of expenditure provided for by the ECSC Treaty.1. Social aidUnder Article 56(1)(c) and (2)(b) of the ECSC Treaty, EUR 62 million was spent in 1999 on social redeployment aid for ECSC workers (traditional redeployment measures and "steel" and "coal" social measures).Under the terms of Article 56, when permanent closures, cutbacks or changes of activity lead to job losses, the European Union endeavours, particularly through redeployment measures, to mitigate the social repercussions for the workers concerned. It also helps to finance aid to provide income support for the workers affected.The granting of social aid is contingent upon payment by the Member State concerned of a special contribution of at least an equivalent amount.Social aid is granted under arrangements set out in the bilateral agreements concluded with the Member States (early retirement, unemployment, transfer, retraining and vocational training).2. Aid for researchUnder Article 55 of the ECSC Treaty, EUR 84 million was committed in 1999 to aid for technical research in the steel and coal sectors.The main aims of aid for steel research (ECU 56 million) are to reduce production costs, improve the quality and performance of products, promote the use of steel and develop new fields of application, and bring production conditions into line with environmental requirements.In the field of coal research (EUR 28 million), the main aims are to reduce production costs, increase underground and surface productivity, improve safety and working conditions, maintain new markets and, above all, improve the utilisation of coal with a view to better protecting the environment.3. Provision for financing the ECSC operating budgetThe resources available and not utilised in 1999, amounting to EUR 34 million, will be set aside to be used as and when required, as from 2000, mainly to offset the fact that the ECSC levy has been set at 0%.Out-turn of the 1999 ECSC operating budget(EUR million)&gt;TABLE POSITION&gt;ECSC financial statementsECSC financial statementsThe ECSC's balance sheet, profit-and-loss account and statement of the allocation of profit for the year ending 31 December 1999 were submitted to the Commission for approval under written procedure No E/830/2000 of 9 June 2000 and are shown in this financial report as approved by the Commission.Balance sheets at 31 December 1999(Amounts in euros) - Before allocation of surplusAssets&gt;TABLE POSITION&gt;Balance sheets at 31 December 1999(Amounts in euros) - Before allocation of surplusLiabilities&gt;TABLE POSITION&gt;Profit-and-loss account for the year ending31 December 1999(Amounts in euros)Charges&gt;TABLE POSITION&gt;Profit-and-loss account for the year ending31 December 1999(Amounts in euros)Income&gt;TABLE POSITION&gt;Allocation of the surplus for the yearEnding 31 December 1999(Amounts in euros)&gt;TABLE POSITION&gt;NOTES RELATING TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 1999(Amounts in euros)1. Presentation of the financial statementsThe 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. Since the ECSC Treaty is due to expire on 23 July 2002, the rate of the ECSC levy was reduced to zero in 1998 (Commission Decision of 23 December 1997), and the ECSC's lending activity has been virtually discontinued since July 1997 (Commission Decision of 22 June 1994). Thus most of the ECSC's funds now come from the net balance obtained in the management of the various reserves and provisions.The ECSC's financial statements at 31 December 1999 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 [17].[17]  OJ L 222, 14.081978 and OJ L 372, 31.12.1986.ECSC accounts are kept in the various currencies used for its financial activity. The financial statements are expressed in euros.The following rates have been used for converting year-end balance-sheet amounts expressed in national currency into euros:Euro zone  //Belgian and Luxembourg francs   //   40.3399German mark  //   1.95583Portuguese escudo  //   200.482French franc  //   6.55957Finnish markka  //   5.94573Dutch guilder  //   2.20371Irish pound  //   0.787564Italian lira  //   1936.27Austrian schilling  //   13.76030Spanish peseta  //   166.386&gt;TABLE POSITION&gt;1.1. At 31 December 1999, the various currencies listed above, together with the euro, made up the ECSC's balance sheet as follows (in euros):&gt;TABLE POSITION&gt;Notes:The euro has a much larger place in the ECSC's accounts than suggested by the above table.This 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 euros and involved a total of EUR 193 464 564 in 1999.The real weight of the euro 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 principles and methodsThe financial statements are drawn up in accordance with generally recognized accounting principles.Charges and income for the financial year are converted to euros at the monthly accounting rate in force on the day of the transaction.3. Balances with central banksThis item represents the ECSC's balances with the central banks of certain Member States.4. Loans and advances to credit institutions4.1. With agreed maturity dates or periods of noticeThe breakdown of the remaining time to maturity of these operations is as follows:(euros)&gt;TABLE POSITION&gt;4.2. LoansThe breakdown of the remaining time to maturity of these operations is as follows:(euros)&gt;TABLE POSITION&gt;5. Loans and advances to customers5.1. LoansThe loans granted to credit institutions are shown under "Loans and advances to credit institutions" (see Note 4).The other loans break down as follows:(euros)&gt;TABLE POSITION&gt;NB. Loans are generally guaranteed by Member States, banks or businesses or by mortgages.5.2. LevyThe 1998 and 1999 levy rate was 0%, so the claims at 31 December 1999 therefore relate to previous years.Before value adjustment, this item amounted to EUR 6 061 793 at 31 December 1999 (EUR 7 488 192 at 31 December 1998). It comprises in particular EUR 5 281 288 subject to legal proceedings (EUR 5 958 532 at 31 December 1998) and EUR 40 833 relating to temporary deferment in respect of coal in stock (EUR 42 261 at 31 December 1998).Payment of the levy in respect of coal in stock is temporarily deferred under a general decision taken in 1972.5.3. FinesThis 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 EUR 37 195 283 (EUR 90 001 060 at 31 December 1998).This item has two main components.A fine totaling EUR 104 364 350 that the Commission imposed on steel companies for infringing the rules on competition in the marketing of steel beams (Decision 94/215/ECSC [18] of 16 February 1994). In its judgement of 11 March 1999, the Court of First Instance reduced the total fines by EUR 24 774 000 to EUR 79 590 350. EUR 50 631 350 had been paid in fines by 31 December 1999. Seven companies have lodged appeals against the judgement of the Court of First Instance.[18]  OJ L 116, 6.05.1994.A fine totaling EUR 27 380 000 was imposed by the Commission (Decision 98/247/ECSC [19] of 21 January 1998) under Article 65 of the Treaty on steel companies for concerted agreement on the formula for calculating the alloy surcharge. Payments totalling EUR 14 740 000 have been received, while two-thirds of the companies affected by the decision have lodged appeals with the Court of First Instance.[19]  OJ L. 100, 1.04.1998.5.4. Interest subsidies to be recoveredThis item comprises claims on companies in receipt of subsidized loans which the Commission has been obliged to ask to reimburse all or part of the interest subsidy already paid.6. Financial assetsThe ECSC's internal rules imposing the obligation to exercise due caution stipulate that portfolio investments are to be confined to securities issued by first-ranking entities. However, in 1998, exceptionally, the ECSC acquired shares and other variable-income securities from a private-sector company under an agreement to restructure the debt of a defaulting debtor.6.1. ValuationBonds, other fixed-income securities and shares and similar securities are valued at the average purchase price or the market value obtaining at the end of the financial year, whichever is the lower.This principle is not applied in the case of securities considered as financial fixed assets (see Note 6.5).6.2. CompositionBonds and other fixed-income securities break down as follows:(euros)&gt;TABLE POSITION&gt;(1) These shares and securities were received by the ECSC on signing a plan to restructure the debt of a defaulting debtor.6.3. Maturities in 2000Securities in the portfolio reaching final maturity during 2000 represent the following amounts (in euros) :Issued by public bodies:  //   189 167 611Own-debt securities:  //   14 076 656Issued by other borrowers:  //   167 500 363Total :  //   370 744 6306.4. Listed/unlisted securitiesThe securities portfolio comprises EUR 1 690 290 303 of securities with a stock-exchange listing, the balance of EUR 77 938 790 being unlisted securities.6.5. Financial fixed assets6.5.1. 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 is less than the average purchase price by a total of EUR 1 651 618.6.5.3. Financial fixed assets are made up as follows (in euros):- Issued by public bodies:  //   50 068 146- Own-debt securities:  //   23 359 671- Issued by other borrowers :  //   0Total :  //   73 427 8177. Tangible and intangible assets(euros)&gt;TABLE POSITION&gt;The various buildings owned by the ECSC were originally leased to the European Community. The rent paid on such leases provided a return on the funds invested by the ECSC.Under the terms of the leases, in 1994 and 1995, the Commission repaid the outstanding principal due to the ECSC with a view to transferring ownership officially from the ECSC to the European Community.The transfer of ownership of the building in Windhoeck was completed in 1999.For the ECSC, this transaction generated a capital gain of EUR 405 036, this being the difference between the transfer price (EUR 659 832) and the net book value (EUR 254 796) at the date of transfer.As regards the other buildings, pending the completion of the legal formalities for the transfer of ownership that are currently being conducted with the competent authorities, the advances received from the European Community feature on the liabilities side of the balance sheet for a total of EUR 2 531 228 (Note 12).8. Other assets(euros)&gt;TABLE POSITION&gt;(1) See Note 129. Prepayments and accrued income(euros)&gt;TABLE POSITION&gt;10. Amounts owed to credit institutionsThe remaining time to maturity on these operations is as follows:(euros)&gt;TABLE POSITION&gt;11. Debts evidenced by certificatesNo such borrowings are due to reach maturity in 2000.12. Other liabilities(euros)&gt;TABLE POSITION&gt;(1) See Note 8.(2) In accordance with the possibility offered under the decision of 11 June 1992, in the course of 1994 and 1995 the Commission had made advance payments in respect of the transfer of the buildings leased to it by the ECSC (Note 7).13. Accruals and deferred income(euros)&gt;TABLE POSITION&gt;14. Provision for liabilities and charges(euros)&gt;TABLE POSITION&gt;(1) Following the default of one borrower, long-term fixed rate securities issued by the ECSC (i.e. with a maturity date after 2002) are no longer paired with asset items bearing an equivalent interest rate.  Under the principle of caution and in view of the expiry of the ECSC Treaty in 2002, a provision has been constituted to fully cover interest-rate risks(2) 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.(3) This provision was created from the fines paid under Decision 94/215/ECSC of 16 February 1994 to cover the possible reimbursement of the amounts received should the Court of Justice rule in favor of the companies which have appealed against the judgement of the Court of First Instance of 11 March 1999 (Note 5.3).(4) This provision was created from the fines paid under Decision 98/247/ECSC of 21 January 1998 to cover the possible reimbursement of the amounts received should the Court of First Instance rule in favor of the companies which have appealed against this Decision (Note 5.3).15. Commitments for the ECSC operating budgetIn 1999, commitments for the ECSC operating budget were as follows:(euros)&gt;TABLE POSITION&gt;16. Provision for financing the ECSC operating budget(euros)&gt;TABLE POSITION&gt;(1) This reserve is intended to cover any differences between expenditure committed and income generated by activities during the budget period.(2) This provision was foreseen by the budgetary authority when the 1998 ECSC Operating budget was adopted. It was prompted by the reduction of the levy to 0% from 1998 and the need to plan for the regular financing of future operational budgets until 2002.(3) 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.17. Provisions for major exposuresAgainst the background of the expiry of the ECSC Treaty in 2002 and the gradual reduction in outstanding loans, exposure is becoming increasingly concentrated on a limited number of large loans (these large exposures are defined in accordance with Directive 92/121/EEC of 21 December 1992 on the monitoring and control of large exposures).The provision for major exposures concerns loans exceeding 25% of the ECSC's own funds which are not covered by first-rate guarantees.It is intended to provide cover specifically for this concentration of risk and to enable the ECSC to weather any major default.The provision, calculated on the basis of outstanding major exposures at 31 December 1999 according to a procedure recommended by a firm of international experts, totals EUR 18 million.18. Reserves(euros)&gt;TABLE POSITION&gt;The Guarantee Fund is intended to cover lending and borrowing operations. After allocation of EUR 23 million, the Guarantee Fund totaled EUR 553 million at 31 December 1999. This reinforcing of the Guarantee Fund is connected with the forthcoming expiry of the ECSC Treaty.On 11 September 1996 the Commission confirmed its intention of maintaining reserves to cover 100% of those loans outstanding after 23 July 2002 which are not guaranteed by a Member State. This means that the reserves (Guarantee Fund and provisions) must be gradually increased to approximately EUR 720 million.In view of a) the regular decrease in the amounts outstanding up to and after 23 July 2002 and b) the increase in the Guarantee Fund, the solvency ratio can be expected to depart from the 14%-16% range laid down during the period of continuous operation and move towards 100%.The ECSC's solvency ratio thus increased from 33% at 31 December 1998 to 38% at 31 December 1999.The Special Reserve is used to grant loans from ECSC own funds to finance subsidized housing.Lastly, 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, via the general budget, 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.19. Analysis of the result for the financial yearOverall ECSC performance is influenced by both the result of non-budgetary operations (lending/borrowing - investment - exchange-rate variations) and the out-turn of the ECSC operating budget.19.1. Non-budgetary operations(euros)&gt;TABLE POSITION&gt;(1) Note 14(2) Note 17(3) During 1999, changes in exchange rates produced profits on the Danish krone, pound sterling, Swedish krona and Japanese yen totalling EUR 16 946 242, which were offset by an allocation to the reserve for exchange differences.(4) In accordance with the change of accounting method on 31 December 1992, income received during the 1999 financial year has been allocated to financing the 1999 operating budget (net balance as in Note 19.2).19.2. Out-turn of the ECSC operating budget(euros)&gt;TABLE POSITION&gt;19.3. Result for the financial year(euros)&gt;TABLE POSITION&gt;20. Interest and similar charges(euros)&gt;TABLE POSITION&gt;21. Administrative expenditureThe ECSC paid a lump sum of EUR 5 million to the general budget of the Commission of the European Communities to cover its administrative expenditure.22. Other operating charges(euros)&gt;TABLE POSITION&gt;23. Interest received and other income(euros)&gt;TABLE POSITION&gt;24. Other operating income(euros)&gt;TABLE POSITION&gt;25. Income relating to the operating budget(euros)&gt;TABLE POSITION&gt;(1) The ECSC is authorised 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, 0.25% for 1993, 0.23% for 1994, 0.21% for 1995, 0.19% for 1996 and 0.17% for 1997. The European Commission decided to set the levy rate for the 1998 and 1999 financial years at 0%.(2) This item comprises the revenue from fines imposed by the Commission in accordance with Articles 58 and 65 of the ECSC Treaty, together with surcharges for late payment.(3) This item comprises the revenue from the repayments of interest subsidies which the Commission was obliged to demand.26. Off-balance-sheet commitments26.1. Commitments received(euros)&gt;TABLE POSITION&gt;26.2. Commitments given(euros)&gt;TABLE POSITION&gt;27. Changes in the financial situation for the year ending 31 December 1999(EUR million)&gt;TABLE POSITION&gt;Report of the European Court of AuditorsAnnexesAnalysis of loans outstanding by guarantee receivedLoans from borrowed fundsBreakdown by country and by guarantee receivedAmounts outstanding at 31 December 1999(EUR million)&gt;TABLE POSITION&gt;(1) Mainly loans granted to financial institutions for on-lending to final recipientsLoans from own fundsBreakdown by country and by guarantee receivedAmounts outstanding at 31 December 1999(EUR million)&gt;TABLE POSITION&gt;(1) Mainly loans granted to financial institutions for on-lending to final recipientsStatement of consolidated debt at 31 December 1999(EUR million)&gt;TABLE POSITION&gt;Main characteristics of borrowings outstanding(euro value at 31 December 1999) Instrument: ECSC&gt;TABLE POSITION&gt;1997 4,81 5 ATS 49 512 000 49 512 000Total ATS 49 512 000 49 512 000 3 598 1771995 6.67 5 BEF 280 850 000 248 050 0001996 5.67 5 238 630 000 238 630 0001997 4.957 5 786 164 000 786 164 000Total BEF 1 305 644 000 1 272 844 000 31 552 9791989 6.25 13 CHF 3 000 000 900 000Total CHF 3 000 000 900 000 560 7131985 7.3 15 DEM 12 000 000 1 200 0001985 7.43 15 9 540 000 1 060 0001986 7 15 17 500 000 3 500 0001987 6.6 15 7 700 000 2 310 0001987 6.73 15 9 100 000 2 730 0001987 6.55 15 11 000 000 3 300 0001988 6.72 13 2 250 000 562 5001988 6.85 14 8 200 000 2 460 0001989 7.25 13 2 400 000 720 0001989 7.4 12 5 800 000 1 160 0001990 9.16 15 2 700 000 1 620 0001990 9 15 1 200 000 720 0001990 3.51 10 35 000 000 7 000 0001990 2.91375 10 51 400 000 10 080 0001991 3.09825 10 29 600 000 11 840 0001991 8.25 10 98 000 000 98 000 0001991 3.55188 10 35 700 000 14 280 0001991 3.5025 10 54 000 000 21 600 0001991 8.93 10 7 000 000 1 750 0001991 3.46625 10 18 300 000 7 320 0001992 8.14 8 33 000 000 8 148 5071992 8.34 15 2 300 000 1 840 0001992 7.75 10 100 000 000 100 000 0001992 3.5025 15 11 000 000 8 800 0001992 2.93813 10 39 600 000 23 760 0001992 3.5025 10 70 900 000 40 800 000&gt;TABLE POSITION&gt;1992 3.06938 10 DEM 24 400 000 14 640 0001992 3.4 10 57 400 000 14 940 0001992 3.11875 15 11 900 000 9 520 0001993 6.09 8 13 900 000 6 950 0001993 3.55 10 18 200 000 14 560 0001993 3.49625 8 14 550 000 6 514 2351993 6.75 15 1 000 000 900 0001993 7.08 15 1 750 000 1 575 0001993 3.11 10 57 300 000 17 527 2001993 6.64 15 1 185 000 1 066 5001993 6.39 15 1 355 000 1 219 5001993 3.45863 10 20 000 000 16 000 0001994 3.45863 8 10 080 000 7 560 0001994 3.54125 7 13 300 000 6 650 0001994 3.48313 7 3 980 000 1 990 0001995 7.42 7 79 700 000 47 820 0001995 6.58 5 69 027 000 69 027 0001995 5.4175 6 24 600 000 12 300 0001995 5.22 6 8 000 000 4 000 0001995 3.5025 7 15 600 000 11 700 0001995 2.81375 7 14 000 000 10 500 0001995 5.88 5 36 000 000 36 000 0001995 5.78 6 20 100 000 10 050 0001996 5.45 6 21 400 000 16 050 0001996 5.02 5 18 210 000 18 210 0001996 4.6 5 20 100 000 13 400 0001996 5.75 5 27 721 000 27 721 0001996 5.3 5 21 493 000 21 493 0001996 5 5 16 500 000 11 000 0001997 4.895 5 67 000 000 67 000 0001997 4.83 5 80 597 000 80 597 0001997 3.45563 5 21 270 000 21 270 0001997 4.5775 5 75 000 000 75 000 0001997 3.35 5 8 000 000 8 000 000Total DEM 1 569 808 000 1 059 311 442 541 617 340&gt;TABLE POSITION&gt;1992 12.9 10 ESP 350 000 000 131 250 0001993 9.75 7 60 000 000 12 000 0001994 3.06938 7 675 000 000 168 750 0001995 2.96875 5 277 000 000 55 400 0001995 2.84375 5 2 837 000 000 2 837 000 0001996 3.469 5 110 000 000 33 000 0001996 3.454 5 245 000 000 98 000 0001996 8.12 5 2 000 000 000 2 000 000 0001996 8.12 5 2 390 000 000 2 390 000 0001997 3.453 5 485 000 000 404 175 000Total ESP 9 429 000 000 8 129 575 000 48 859 7301992 9.7 10 23 600 000 14 160 0001992 3.252 20 300 000 000 300 000 0001993 7 10 1 500 000 000 1 500 000 0001993 5.75 8 890 000 000 890 000 0001995 6.79 5 30 200 000 30 200 0001995 6.53 5 58 450 000 58 450 0001996 5.637 5 19 880 000 19 880 0001996 5.941 5 22 620 000 22 620 0001997 4.9 5 151 315 000 151 315 000Total FRF 2 996 065 000 2 986 625 000 455 308 046&gt;TABLE POSITION&gt;1990 11.875 19 GBP 60 000 000 60 000 0001992 9.875 25 50 000 000 17 220 0001992 9.875 25 30 000 000 30 000 0001993 7.565 8 9 088 750 3 794 6881993 9.875 24 20 000 000 20 000 0001994 8.98 8 2 668 000 2 001 0001994 6.875 25 50 000 000 35 261 0001994 8.9375 25 47 000 000 47 000 0001994 8.84 6 600 000 600 0001994 6.15 8 12 842 400 9 631 8001994 8.68 8 7 893 500 5 920 1251995 5.55719 5 20 500 000 20 500 0001995 7.51 5 6 900 000 6 900 0001995 5.62 6 16 000 000 16 000 0001995 7.574 5 8 400 000 8 400 0001995 6.28563 5 8 000 000 8 000 0001995 8.035 5 10 700 000 10 700 0001995 7.875 5 1 465 000 1 465 0001995 8.9 5 11 400 000 11 400 0001996 7.16 5 5 800 000 5 800 0001996 5.45938 5 1 600 000 1 600 0001996 7.86 5 5 400 000 5 400 0001996 7.49 5 10 000 000 10 000 0001996 5.54578 5 1 790 000 1 790 0001996 6.13843 5 1 600 000 1 600 0001996 7.47 5 8 000 000 8 000 0001996 6.19719 5 3 000 000 3 000 0001997 6.01375 5 4 180 000 4 180 0001997 7.215 5 13 972 500 13 972 5001997 5.57297 5 675 000 675 0001997 7.54 5 32 536 290 32 536 290Total GBP 462 011 440 403 347 403 648 781 411&gt;TABLE POSITION&gt;1990 2.9375 10 ITL 24 600 000 000 4 745 000 0001990 3.35 10 19 500 000 000 3 785 000 0001990 3.5 10 15 600 000 000 3 120 000 0001991 2.6 10 17 500 000 000 6 750 000 0001991 3.4375 10 39 100 000 000 15 200 000 0001991 3.5 10 23 250 000 000 7 433 000 0001991 3.375 10 5 850 000 000 2 273 000 0001992 2.875 10 18 500 000 000 11 100 000 0001992 3.0625 15 9 000 000 000 7 200 000 0001992 3.3125 10 34 800 000 000 6 180 000 0001992 3 10 20 800 000 000 11 880 000 0001992 3.504 10 45 950 000 000 26 070 000 0001993 3.455 10 15 600 000 000 12 480 000 0001993 3.55 10 19 700 000 000 11 210 000 0001993 3.49625 8 11 600 000 000 5 050 000 0001993 3.54125 8 12 840 000 000 6 420 000 0001993 3.11 10 52 600 000 000 9 880 000 0001994 3.455 8 9 930 000 000 7 447 500 0001994 3.48313 7 4 000 000 000 2 000 000 0001994 3.54125 7 13 090 000 000 6 545 000 0001995 3.55688 6 21 000 000 000 10 500 000 0001995 3.5025 7 14 800 000 000 11 100 000 0001995 3.48375 6 42 540 000 000 21 270 000 0001995 2.84375 7 16 440 000 000 12 330 000 0001996 3.03813 5 12 500 000 000 12 500 000 0001996 3.48313 5 23 700 000 000 15 800 000 0001996 3.11875 6 31 520 000 000 23 640 000 0001996 3.46563 5 23 280 000 000 15 520 000 0001996 3.45863 5 10 000 000 000 6 666 666 6671997 3.45563 5 44 370 000 000 44 370 000 000TotaL ITL 653 960 000 000 340 465 166 667 175 835 5841994 0.1625 7 JPY 11 200 000 000 11 200 000 000TotaL JPY 11 200 000 000 11 200 000 000 109 023 654&gt;TABLE POSITION&gt;1995 6.3 5 LUF 363 000 000 175 000 0001996 5.375 6 1 400 000 000 1 400 000 0001997 4.75 5 275 000 000 275 000 0001997 4.75 5 2 800 000 000 2 800 000 000Total LUF 4 838 000 000 4 650 000 000 115 270 4891986 7.375 15 NLG 15 000 000 2 000 0001986 7.375 15 3 000 000 400 0001987 6.71 14 13 400 000 1 916 000Total NLG 31 400 000 4 316 000 1 958 5151995 2.94125 7 PTE 2 000 000 000 2 000 000 0001997 3.6018 5 16 300 000 000 16 300 000 0001997 0 5 8 450 000 000 8 450 000 000Total PTE 26 750 000 000 26 750 000 000 133 428 4371991 6.1225 10 USD 55 500 000 55 500 0001993 6.375 15 100 000 000 100 000 0001996 6.2 6 19 500 000 11 700 000Total USD 175 000 000 167 200 000 166 434 402Grand total in EUR 2 432 229 477Activities under the ECSC operating budgetTraditional redeployment aid [Article 56(1)(c) and (2)(b)](Amounts covered by provisions)&gt;TABLE POSITION&gt;Traditional redeployment aid [Article 56(1)(c) and (2)(b)](new allocations and number of workers receiving aid in 1999)&gt;TABLE POSITION&gt;Redeployment aid - Social measures (steel)(Amounts covered by provisions)&gt;TABLE POSITION&gt;Redeployment aid - Rechar Programme and social measures (coal)(Amounts covered by provisions)&gt;TABLE POSITION&gt;Redeployment aid - social measures (coal)(new allocations and number of workers receiving aid in 1999)&gt;TABLE POSITION&gt;