2003/268/EC: Council Decision of 8 April 2003 concerning the coverage of costs incurred by the European Investment Bank for the management of the Investment Facility of the Cotonou Agreement and the Overseas Association Decision
Date: 2003-04-08
Institutions: Council of the European Union
Subjects: ACP countries, European Investment Bank, cooperation agreement (EU), direct cost, financial aid, investment, management accounting, overseas countries and territories

17.4.2003

EN

Official Journal of the European Union

L 99/45

II

(Acts whose publication is not obligatory)

COUNCIL

COUNCIL DECISION

of 8 April 2003

concerning the coverage of costs incurred by the European Investment Bank for the management
of the Investment Facility of the Cotonou Agreement and the Overseas Association Decision

THE COUNCIL OF THE EUROPEAN UNION,

(2)

(2003/268/EC)

Having regard to the Treaty establishing the European Commu-
nity,

Having regard to the Partnership Agreement between the
members of the African, Caribbean and Pacific Group of States
of the one part, and the European Community and its Member
the other part, signed in Cotonou on 23 June
States, of
2000 (1), hereafter referred to as the ‘Cotonou Agreement’,

the Governments of

Having regard to the Internal Agreement of 12 September
the
2000 between Representatives of
Member States, meeting within the Council, on the Financing
and Administration of Community Aid under the Financial
Protocol to the Partnership Agreement between the African,
Caribbean and Pacific States and the European Community and
its Member States signed in Cotonou (Benin) on 23 June 2000
and the allocation of
financial assistance for the Overseas
Countries and Territories to which Part Four of the EC Treaty
applies (2) and in particular Article 8(2) thereof,

Having regard to Council Decision 2001/822/EC of 27
November 2001 on the association of the overseas countries
and territories with the European Community (Overseas Asso-
ciation Decision) (3),

The Bank is to apply all income generated from standard
appraisal fees charged to clients of the Investment facility
towards the coverage of its normal costs, with the exclu-
sion of exceptional fees received to cover extraordinary
expenses incurred,

HAS ADOPTED THIS DECISION:

Article 1

The provision for the fees charged by the Bank to manage the
Investment Facility and the interest rate subsidies including the
resources reserved for the Overseas Countries and Territories
(hereafter referred to as the ‘OCT’, shall be equivalent to a
maximum of 10 % over five years of EUR 2 200 million. The
fees are intended to cover in full the cost of managing the
Investment Facility,
including the management of sums allo-
cated to finance interest subsidies for operations in the ACP
States and the OCT, during the five years of the First Financial
Protocol of the Cotonou Agreement.

Article 2

Having regard to the proposal from the Commission drawn up
in agreement with the European Investment Bank, hereafter
referred to as ‘Bank’,

To the extent that the remit of the Bank as defined in Annex II
of the Cotonou Agreement and in the operational guidelines of
the Investment Facility remains unchanged, the maximum fee
specified under Article 1 shall constitute a ceiling.

Whereas:

(1)

There is at present no provision in the Cotonou Agree-
ment and the Overseas Association Decision for meeting
the costs incurred by the Bank for the management of
the Investment Facility.

(1) OJ L 317, 15.12.2000, p. 3.
(2) OJ L 317, 15.12.2000, p. 355.
(3) OJ L 314, 30.11.2001, p. 1.

Article 3

Every year, by 1 September at the latest, the Bank shall present
to the Investment Facility Committee its cost estimates for the
following year and the corresponding level of fees required.
These data shall be included in the Investment Facility business
plan approved by the Investment Facility Committee. Cost
presentation for the first year shall depend on the date of entry
into force of the Cotonou Agreement.

L 99/46

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Official Journal of the European Union

17.4.2003

Article 4

Article 7

Every year the Bank shall present the actual costs incurred
during the previous year in the annual report of the Investment
Facility to be approved by the Investment Facility Committee,
as well as the amount of appraisal fees recovered from the
clients of the Investment Facility during that same year. The
draft annual report containing these figures shall be submitted
to the Investment Facility Committee by 28 February at the
latest and the final report by 30 June at the latest.

Article 5

Should the costs incurred by the Bank during a given year be
lower or higher than presented in the corresponding business
plan, the Bank shall request the Investment Facility Committee
to decide on the necessary arrangements.

Article 6

to the Member States of debt

The provisions for the fees referred to in Article 1 shall be met
service
from the reflows
payments generated by risk capital operations and special loans
undertaken under the successive ACP-EC Conventions. The
amount owed by each Member State will be determined by the
relative share of its contribution to the 9th European Develop-
ment Fund. In the case of Member States, which are not yet
recipient of sufficient reflows, the Bank will debit their accounts
and charge an annual interest rate equivalent to the prevailing
EONIA rate minus twelve and a half basis points.

The Council, acting on a proposal
from the Commission,
drawn up in agreement with the Bank, shall decide on how to
finance the Bank fees as agreed in Article 1, should the reflows
of debt service payments be insufficient for this purpose.

Article 8

The Member States hereby authorise the Bank to deduct the
fees directly from their accounts held within the Bank to which
the reflows specified under Article 6 are credited. Fees shall be
deducted on the first working day of each quarter and shall be
remunerated at an annual rate equivalent
to the prevailing
EONIA rate minus twelve and a half basis points.

Article 9

This Decision shall come into force on the same date as the
Internal Agreement. It shall apply for a period of five years
unless superseded by other agreements.

This Decision is addressed to the Member States.

Article 10

Done at Luxembourg, 8 April 2003.

For the Council

The President

G. DRYS