REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on guarantees covered by the general budget Situation at 31 December 2013
Date: 2014-08-29
Institutions: European Commission
Subjects: EIB loan, EU loan, Euratom loan, budgetary reserve (EU), credit guarantee, economic stabilisation, financial aid, general budget (EU), macroeconomics













EUR-Lex - 52014DC0540 - EN











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52014DC0540

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on guarantees covered by the general budget Situation at 31 December 2013 /* COM/2014/0540 final */









Table of Contents
1............ Introduction. 3
2............ Operations guaranteed
by the EU budget 3
3............ Evolutions of
guaranteed operations. 5
3.1......... Operations managed
directly by the Commission. 5
3.1.1...... European Financial
Stabilisation Mechanism.. 5
3.1.2...... Balance of payments
facility. 6
3.1.3...... Macro-financial assistance
loans. 6
3.1.4...... Euratom loans. 7
3.2......... Evolution of the EIB
external financing operations. 7
4............ Risks covered by the
eu budget 8
4.1......... Definition of risk. 8
4.2......... Total risk composition. 8
4.3......... Annual risk covered by
the EU budget 10
4.3.1...... Risk linked to Member
States. 10
4.3.2...... Risk linked to third
countries. 11
5............ Activation of the
guarantees and evolution of the Fund. 13
5.1......... Activation of guarantees. 13
5.1.1...... Payments from cash
resources. 13
5.1.2...... Payments from the EU budget 13
5.1.3...... Calls on the Fund and
recoveries. 13
5.2......... Evolution of the Fund. 14
1.           Introduction
The objective of this report is to monitor
the credit risks borne by the EU budget resulting from the guarantees given and
the lending operations implemented directly by the European Union or indirectly
through the guarantee granted for EIB financing projects outside the Union.
This report is submitted pursuant to Article
149 of the Financial Regulation[1]
which requires the Commission to report annually to the European Parliament and
to the Council on EU budget guarantees and the corresponding risks[2].
The report is structured as follows: section
2 recalls the key features of the operations guaranteed by the EU budget; several
other additional crisis management mechanisms, which do not imply any risk for
the EU budget, are also presented. Section 3 lays out the evolution of the
guaranteed operations. Then, section 4 highlights the main risks covered by the
EU budget while section 5 outlines the activation of the guarantees and the
evolution of the Guarantee Fund for external actions ("the Fund")[3].
A Commission Staff Working Document (SWD)
complements this report with a set of detailed tables and explanatory notes. It
also provides a macroeconomic analysis of the countries benefitting from EU
loans and/or guarantees, representing the bulk of the exposure of the Fund.
2.           Operations
guaranteed by the EU budget
The risks covered by the EU budget derive from a variety of lending
and guarantee operations which can be divided into two categories:
–     
loans granted by the European Union with
macroeconomic objectives, i.e. macro-financial assistance[4]
("MFA") loans to third countries in conjunction with the Bretton
Woods institutions, balance-of-payments[5]
("BOP") loans granting support to non-euro Member States experiencing
balance-of-payments difficulties, loans under the European financial
stabilisation mechanism ("EFSM")[6] granting
support to all Member States experiencing or seriously threatened with a severe
economic financial disturbance caused by exceptional occurrences beyond their
control; and
–     
loans with microeconomic objectives, i.e.
Euratom loans and, most significantly, European Investment Bank
("EIB") financing of operations in non-Member States ("EIB
external financing") that are covered by EU guarantees[7].
The guaranteed EIB external financing, the
Euratom loans and MFA loans to third countries have since 1994 been covered by
the Fund, while BOP and EFSM loans are directly covered by the EU budget.
The Fund covers defaults on loans and loan
guarantees granted to non-Member States or for projects in non-Member States.
It was established:
–     
to provide a 'liquidity cushion' in order to
avoid calling on the EU budget every time a default or late payment on a
guaranteed loan arises; and
–     
to create an instrument of budgetary discipline
by laying down a financial framework for the development of the EU policy on
guarantees for Commission and EIB loans to third countries[8].
If third countries become Member States,
loans relating to such countries are no longer covered by the Fund and the risk
has to be directly borne by the EU budget. The Fund is provisioned from the EU
budget and has to be maintained at a certain percentage of the outstanding
amount of the loans and loan guarantees covered by the Fund. This percentage,
known as the target rate, is currently 9%[9].
If resources of the Fund are not sufficient, the EU budget will provide the
necessary funds.
Other crisis management mechanisms which
are not covered by the EU budget
As part of the response to the crisis, several
other mechanisms have been established which, however, do not imply any
risk to the EU budget:
- the Greek Loan Facility
(GLF)[10]
which is financed via bilateral loans from other euro area Member States to
Greece, centrally administered by the Commission.
- European Financial
Stability Facility (EFSF)[11]: The EFSF was created by the euro area Member
States following the decisions taken on 9 May 2010 within the framework of the
Ecofin Council. The EFSF’s mandate is to safeguard financial stability in Europe by providing financial assistance to euro area Member States within the framework of
a macroeconomic adjustment programme. The EFSF was created as a temporary
rescue mechanism and is a lender to Greece (together with the IMF and some Member States) as well as to Ireland and Portugal (together with the IMF, some Member States and EU/EFSM)[12].
In October 2010, it was decided to create a permanent rescue mechanism, the
European Stability Mechanism, 
- European Stability
Mechanism (ESM)[13]: The ESM Treaty entered into force on 27 September 2012. From this date onwards, the ESM became a permanent
crisis mechanism and the main instrument to finance new programmes. In parallel
to the ESM, the EFSF continues with its ongoing programmes for Greece, Portugal and   Ireland but is no longer engaged in new financing programmes or loan facility
agreements since 1 July 2013.
The ESM is an intergovernmental organization under public international law,
based in Luxembourg. Its shareholders are the 18 euro area Member States. The total
subscribed capital is €702 billion of which paid-in capital is EUR 80 billion (the
last of 5 tranches is due to be paid by first half of 2014) and committed
callable capital is EUR 622 billion. Its effective lending capacity is EUR 500
billion.
3.           Evolutions
of guaranteed operations 
This section sets out the evolution of the guaranteed
operations; firstly of those managed directly by the Commission and then of
those managed by the EIB. 
3.1.        Operations managed directly
by the Commission 
3.1.1.     European Financial Stabilisation Mechanism
The Ecofin Council conclusions set the
maximum volume of the mechanism to EUR 60 billion[14],
with the legal limit being provided in Article 2(2) of Council Regulation No
407/2010, which limits the outstanding amount to the margin available under the
own resources ceiling.
Following the Council decisions to grant
Union financial assistance to Ireland[15]
(up to EUR 22.5 billion) and Portugal[16]
(up to EUR 26 billion), disbursements reached EUR 21.7 billion to Ireland and EUR 22.1 billion to Portugal.
Developments
during 2013
No new operations took place in 2013.
At 31 December 2013, the EFSM had a
remaining capacity of EUR 11.5 billion, out of its maximum volume of
EUR 60 billion, to provide further assistance, if required[17].
Developments
subsequent to 31 December 2013
In March 2014, the final tranche of EUR 800
million was disbursed to Ireland, closing the maximum loan capacity for the
country. An additional tranche of EUR 1.8 billion was disbursed at the same
time to Portugal.
3.1.2.     Balance of payments facility
The EU medium-term financial assistance
under the BOP facility was re-activated in November 2008 to help Hungary and subsequently in January and May 2009 to help Latvia and Romania to restore market
confidence for a total commitment of EUR 14.6 billion. Of this amount, EUR 1.2
billion will not be disbursed as the deadline for disbursement has expired. 
Developments
during 2013
As regards Romania, in addition to the EUR
5 billion assistance already provided, the Council decided on 12 May 2011 to
provide precautionary financial assistance for this country up to EUR 1.4 billion[18]. However, no disbursements were required and the Facility expired
on 31 March 2013. 
On 22 October 2013, the Council decided to
make available to Romania a second precautionary medium-term financial
assistance[19]
amounting to a maximum of EUR 2 billion in the form of a loan with a maximum
average maturity of 8 years. Funds can be requested until 30 September 2015.
At 31 December 2013, the BOP facility had a
remaining capacity of EUR 36.6 billion, out of an overall ceiling of EUR
50 billion, to provide further assistance if required.
Developments
subsequent to 31 December 2013
No further operations were put in place.
3.1.3.     Macro-financial assistance loans
Following the entry into
force of the Lisbon Treaty, MFA decisions are no longer taken by the Council alone,
but in accordance with the ordinary legislative procedure. 
Developments
during 2013
There was only one disbursement of EUR 100 million to Bosnia and Herzegovina (BiH) during this period. EUR 80.9 million was repaid by the beneficiary
countries (Romania EUR 12.5 million, BiH EUR 4 million, fYRoM EUR 7.4 million,
Serbia EUR 44.76 million, Montenegro EUR 0.24 million and Tajikistan EUR 12
million). 
The outstanding amount of
MFA loans has increased from EUR 545.5 million to EUR 564.6 million in 2013. 
Developments
subsequent to 31 December 2013
The MFA assistance
to Ukraine approved in 2010[20]
together with the funds available from assistance approved in 2002[21] amounts to EUR 610
million in loans. Of this amount, the first tranche of EUR 100 million was
disbursed mid-May 2014.   
On 14 April
2014, the Council decided further MFA loans to Ukraine[22] for a maximum amount
of EUR 1 billion. The first tranche (EUR 500 million) was disbursed in
June 2014.
3.1.4.     Euratom loans
The Euratom lending to Member States or in
certain eligible non-member countries (Russian Federation, Armenia, Ukraine) has a ceiling of EUR 4 billion of which around 85% has already been
used. The remaining roughly EUR 600 million could be used for
financing new projects. A loan of EUR 300 million to Ukraine dedicated to the
upgrade of existing nuclear facilities was signed on 7 August 2013. 
Developments
during 2013
No loan disbursements took place in 2013.
Repaid amounts consisted of EUR 19.81 million from Bulgaria, EUR 10 million
from Romania and EUR 6.61 million from Ukraine.
Developments
subsequent to 31 December 2013
No further developments.
3.2.        Evolution
of the EIB external financing operations
Developments during 2013
The EU guarantee to the EIB for EIB
external financing covering the period 2007-2013 ("the 2007-2013 external
mandate") was extended by six months as no decision on a new EU guarantee
to the EIB had been adopted by the Council and the European Parliament at 31
December 2013. 
Defaults on interests payments and loan
repayments from the Syrian Government continued in 2013. The EIB has called on
the Guarantee Fund to cover these defaults (see paragraph 5.3 below).
Under the 2007-2013 external mandate, the loan
signatures increased by 17% in 2013 and amounted to EUR 3,901 million. The
amount of loans disbursed was EUR 2,288 million (+ 20% compared to 31
December 2012). Thus, the cumulative amount of loans signed and loans disbursed
under the mandate reached - respectively - EUR 27,062 million and EUR 13,590
million at 31 December 2013. For previous EIB external mandates, see Annex to
Table A1 of the SWD.
Developments
subsequent to 31 December 2013
The new Decision granting an EU guarantee
for EIB operations outside the Union for the period 2014-2020[23] was adopted in April
2014. It establishes that the maximum ceiling of the EU guarantee should be
broken down into a fixed ceiling of a maximum amount of EUR 27 billion and an
optional additional amount of EUR 3 billion. Activation, in whole or in part,
of the optional additional amount will be decided in accordance with the
ordinary legislative procedure on the basis of the mid-term review reporting of
the implementation by the EIB of the Decision and the evolution of EIB
operations. In parallel, a new Guarantee Agreement is in the process of being
agreed as required by Article 14 of the Decision.
Outstanding amounts at 31 December 2013 for
the various facilities referred in this section are presented in Table 1.
4.           Risks
covered by the eu budget
4.1.        Definition
of risk
The risk borne by the EU budget derives
from the outstanding amount of capital and interest in respect of guaranteed
operations.
For the purpose of this report, two methods
are used for evaluating the risks borne by the EU budget (either directly or
indirectly via the Fund):
–     
"The total risk covered" is based on
the sum of the total amount of capital outstanding for the operations concerned
on a given date including accrued interest[24].

–     
The budgetary approach defined as "the
annual risk borne by the EU budget" is based on the calculation of the
maximum amount of annual payments due which the EU would have to pay out in a
financial year assuming that all payments of the guaranteed loans are in
default[25].
4.2.        Total
risk composition
Until 2010 the maximum risk in terms of
total outstanding amounts covered was mainly linked to loans granted to third
countries. Since 2011 the financial crisis has impacted heavily on the public
finances of the Member States leading to an increase in the lending activity of
the EU to support higher sovereign financing needs in Member States.
As a consequence the composition of risk
has changed. At 31 December 2013:
·                        
71% of the total outstanding amount concerns
borrowing operations linked to loans to Member States which are directly
covered by the EU budget (compared to 45% at 31.12.2010).
Detailed breakdown of the risk covered by
the EU budget at 31 December 2013 is presented in Table 1.
 Table 1: Total outstanding amounts covered by the EU budget at 31 December 2013 in EUR million 
   || Outstanding Capital || Accrued Interest || Total || % 
 Member States* ||   ||   ||   ||   
 Euratom || 357 || 2 || 359 || <1% 
 BOP || 11,400 || 223 || 11,623 || 14% 
 EIB || 2,657 || 22 || 2,676 || 3% 
 EFSM || 43,800 || 669 || 44,469 || 54% 
 Sub-total Member States || 58,214 || 916 || 59,130 || 71% 
 Third Countries** ||   ||   ||   ||   
 MFA || 565 || 5 || 569 || 1% 
 Euratom || 29 || 0 || 29 || <1% 
 EIB*** || 22,917 || 155 || 23,072 || 28% 
 Sub-total third countries || 23,510 || 160 || 23,670 || 29% 
 Total || 81,724 || 1,076 || 82,799 || 100% 
 *   This risk is directly covered by the EU budget. This also includes MFA, Euratom and EIB loans granted to countries prior to their accession to the EU. ** This risk is covered by the Fund. ***Loans subrogated to the EU following Syria defaults on EIB loans are included (amount: EUR 60 million). 
Tables A1, A2, A3a and A3b of the SWD
provide more detailed information on these outstanding amounts, in particular
in terms of ceiling, disbursed amounts or guarantee rates.
4.3.        Annual risk covered by the EU
budget
For 2014, the maximum amount which the EU
would have to pay out (directly and via the Fund) - assuming that all
guaranteed loans would be in default - is EUR 7,395 million. This represents
the capital and interest payments from guaranteed loans falling due during 2014,
assuming that defaulting loans are not accelerated (for details see Table A2 in
SWD). 
4.3.1.     Risk
linked to Member States
The risk linked to Member States concerns:
(a) EIB lending and/or MFA and/or Euratom
loans granted before the accession to the EU 
(b) the loans granted under the BOP
facility, and 
(c) the loans granted under the EFSM
scheme.
Table 2: Ranking of the Member States
according to the annual risk borne by the EU budget in 2014 (EUR million)
 Ranking || Country || Loans || Max annual risk || Weight of the country vis-à-vis annual risk of Member States (MS) || Weight of the country vis-à-vis total annual risk (MS and non-MS) 
 1 || Hungary || a)+b) || 2,128.42 || 41.0% || 28.8% 
 2 || Latvia || a)+b) || 1,096.43 || 21.1% || 14.8% 
 3 || Ireland || c) || 661.00 || 12.7% || 8.9% 
 4 || Portugal || c) || 644.88 || 12.4% || 8.7% 
 5 || Romania || a)+b) || 377.02 || 7.3% || 5.1% 
 6 || Bulgaria || a) || 87.52 || 1.7% || 1.2% 
 7 || Czech Republic || a) || 56.44 || 1.1% || 0.8% 
 8 || Poland || a) || 52.49 || 1.0% || 0.7% 
 9 || Croatia || a) || 42.62 || 0.8% || 0.6% 
 10 || Slovak Republic || a) || 25.78 || 0.5% || 0.3% 
 11 || Slovenia || a) || 7.44 || 0.1% || 0.1% 
 12 || Lithuania || a) || 4.95 ||  0.1% || 0.1% 
 13 || Cyprus || a) || 3.29 || 0.1% || <0.1% 
 Total ||   ||   || 5,188.29 || 100% || 70.2% 
              
4.3.2.     Risk linked to third countries
The Fund covers guaranteed loans to third
countries with maturities extending up to 2042. In 2014, the Fund will bear a
maximum annual risk related to third countries of EUR 2,206.6 million (30%
of the total annual risk).
The top ten countries (out of forty-two) are
ranked below according to their total outstanding. They account for EUR 1,684 million
or 76.3% of the annual risk borne by the Fund. The economic situation of these
countries is analysed and commented in point 3 of the SWD. Creditworthiness, as
assessed by the rating agencies, is also indicated in each country table. 
The risk linked to third countries concerns
EIB lending and/or MFA and/or Euratom loans (details are included in table A3b
and A4 of the SWD).
Table 3: Ranking of the 10 most
important third countries according to the annual risk borne by the EU
budget in 2014 (EUR million)
 Ranking || Country || Max annual risk || Weight of the country vis-à-vis annual risk of third countries || Weight of the country vis-à-vis total annual risk (MS and non-MS) 
 1 || Turkey || 542.67 || 24.6% || 7.3% 
 2 || Tunisia || 221.59 || 10.0% || 3.0% 
 3 || Morocco || 217.77 || 9.9% || 2.9% 
 4 || Serbia || 195.00 || 8.8% || 2.6% 
 5 || Egypt || 184.11 || 8.3% || 2.5% 
 6 || Brazil || 102.45 || 4.6% || 1.4% 
 7 || South Africa || 74.51 || 4.6% || 1.4% 
 8 || Syria || 72.52 || 3.3% || 1.0% 
 9 || Bosnia and Herzegovina || 63.24 || 2.9% || 0.9% 
 10 || Ukraine || 10.61 || 0.5% || 0.1% 
   || Total of the 10 || 1,684.47 || 76.3% || 22.8% 
5.            Activation of the guarantees and evolution of the Fund
5.1.        Activation
of guarantees
5.1.1.     Payments from cash resources
When a debtor is late in paying the EU, the
Commission draws on its cash resources in order to avoid delays and resulting
costs in servicing its borrowing operations[26].
This did not happen in 2013.
5.1.2.     Payments
from the EU budget 
If there would be an eventual default, the
EU budget would be called to cover the shortfall. As no defaults from Member
States were recorded during the year 2013, no appropriation was requested.  
5.1.3.     Calls
on the Fund and recoveries
In the event of late payment by the
beneficiary of a loan to third countries granted or guaranteed by the EU, the Fund
is called on to cover the default within three months of the request[27].
The EIB
experienced defaults on certain interest payments and loan repayments from the
Syrian Government from December 2011. Since official payment requests have
remained unsuccessful, the EIB started to call the Fund in May 2012. The
evolution of the calls on the Fund corresponding to defaulting loans in Syria is presented in Table 4.
The amounts
called by the EIB are withdrawn from the Guarantee Fund account after
authorization by the Commission services. When the EU makes a payment under the
EU Guarantee, it is subrogated into the right and remedies of the EIB. Recovery
proceedings are undertaken by the EIB on behalf of the EU in respect of the
subrogated sums.
Table 4: Calls
on the Guarantee Fund on defaulting loans in Syria (in EUR million)
 Year || Number of calls paid || Amount of due instalments || Penalties and accrued interests (1) || Amount recovered[28] || Total 
 2012 || 2 || 24.02 || n.a. || 2.15 || 21.87 
 2013 || 8 || 59.27 || 1.36 || 0 || 60.63 
 Total || 10 || 83.29 || 1.36 || 2.15 || 82.50 
(1) Penalties and accrued interests are claimed by the
EIB only with the second payment request of each individual loan and run from
the defaulting date until the payment date by the Guarantee Fund. 
At 31 December 2013, the total capital
outstanding of guaranteed loans related to Syria amounts to
EUR 554 million, with the last loan maturity in 2030.
5.2.        Evolution of the Fund
In accordance with the rules of the Guarantee
Fund Regulation, the Fund has to reach an appropriate level (target amount) set
at 9% of the total outstanding capital liabilities arising from each operation,
plus accrued interest. A provisioning mechanism is in place to ensure the
target amount is met.
On the basis of the provisioning mechanism,
the EU budget paid EUR 155.66 million to the
Fund in February 2013, while in
February 2014, the respective payment amounted to EUR 58.43 million.
At 31 December 2013, the net assets[29]
of the Fund amounted to EUR 1,981.29 million. The
ratio between the net assets and the
outstanding capital liabilities[30] (EUR 23,609.19 million), within the meaning of the Guarantee Fund
Regulation, was lower than the target amount.
Consequently, a provisioning of EUR 144.40
million was inserted in the preliminary EU budget of 2015.
At 31 December 2013, the Fund had EUR 82.5
million arrears to recover.
[1]               Regulation (EU, Euratom) No 966/2012 of the European
Parliament and of the Council of 25 October 2012 on the financial rules
applicable to the general budget of the Union and repealing Council Regulation
(EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1).
[2]               COM(2013)871 final and SWD(2013)504 final make up the
previous report on the guarantees covered by the Budget at 31
December 2012.
[3]               Council Regulation (EC, Euratom) No 480/2009 of
25 May 2009 establishing a Guarantee Fund for external actions
(codified version), the "Guarantee Fund Regulation" (OJ L 145,
10.6.2009, p.10).
[4]               MFA may also take the form of grants to third
countries. 
[5]               Council Regulation (EC) N° 332/2002 of 18 February
2002 establishing a facility providing medium-term financial assistance for
Member States' balances of payments (OJ L 53, 23.2.2002, p.1).
[6]               Council Regulation (EU) No 407/2010 of 11 May 2010
establishing a European financial stabilisation mechanism (OJ L 118, 12.5.2010,
p.1). 
[7]               References to legal bases are
listed in Table A4 of the SWD.
[8]               Although external risks are covered in fine by
the EU budget, the Guarantee Fund acts as an instrument
to protect the EU budget against the risk of payment defaults. For the latest
annual report on the Fund and its management, see COM(2013)661 final and the
accompanying Staff Working Document (SWD(2012)217 final).
[9]               For a comprehensive report on the functioning of the
Fund and the provisioning target rate, see COM(2014)214 final and the accompanying
Staff Working Document (SWD(2014)129 final).
[10]             About the GLF:  http://ec.europa.eu/economy_finance/assistance_eu_ms/greek_loan_facility/index_en.htm.
[11]             About the EFSF: http://www.efsf.europa.eu.
[12]             The loans granted under the EU/EFSM are guaranteed by
the EU budget.
[13]             About the ESM : http://esm.europa.eu.
[14]             Cf. Press release on extraordinary Ecofin Council
meeting 9/10 May 2010 (http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf).
[15]             Council Implementing Decision 2011/77/EU of 7 December
2011 on granting Union financial assistance to Ireland (OJ L 30, 4.2.2011, p.
348).
[16]             Council Implementing Decision 2011/344/EU of 17 May
2011 on granting Union financial assistance to Portugal (OJ L 159, 17.6.2011,
p. 88); see also corrigendum  (OJ L 178, 10.7.2012, p.15).
[17]             For further information on EFSM, see also the report
from the Commission on borrowing and lending activities of the European Union in
2012 (COM(2013)752 final). 
[18]             Council Decision 2011/288/EU of 12 May 2011 providing precautionary EU medium-term financial assistance
for Romania (OJ L 132, 19.5.2011, p.15).
[19]             Council Decision 2013/531/EU of 22 October 2013 providing
precautionary EU medium-term financial assistance for Romania (OJ L 286, 29.10.2013, p.1).
[20]             Decision No 388/2010/EU of the European Parliament and
of the Council of 7 July 2010 providing macro-financial assistance to Ukraine (OJ L 179, 14.7.2010, p. 1).
[21]             Council Decision 2002/639/EC of 12 July 2002 providing
supplementary macro-financial assistance to Ukraine (OJ L 209, 6.8.2002, p. 22).
[22]          Council Decision No 2014/215/EU of the Council of 14 April 2014 providing
macro-financial assistance to Ukraine (OJ L 111, 15.4.2014,
p. 85).
[23]             Decision No 466/2014/EU of the European Parliament and of
the Council of 16 April 2014 granting an EU guarantee to the European
Investment Bank against losses under financing operation supporting investments
projects outside the Union (OJ L 135, 8.5.2014, p. 1).
[24]             See Table 1 of the Report.
[25]             For the purpose of this calculation, it is assumed that
defaulting loans are not accelerated, i.e. only payments due are taken into
account (see Tables 2 and 3a/3b of the report and Table A2 of the SWD).
[26]             See Article 12 of Council
Regulation (EC, Euratom) No 1150/2000 of 22 May 2000 implementing Decision
2007/436/EC, Euratom, on the system of the European Communities own resources
(OJ L 130, 31.5.2000, p. 1).
[27]             Since its inception in 1994 and as at the reporting
date, the Fund has been called for a cumulative amount of EUR 502 million. EUR 579
million were recovered (this includes the amount of capital and interest repaid,
plus penalties interests for late payments, plus exchange rate gains and losses
realized).For more details, see Section 2.5.4 of the SWD.
[28]             Since its inception in 1994, the total recoveries by
the Fund at the reporting date have amounted to EUR 579 million (this includes
the amount of capital and interest repaid, plus penalties interests for late
payments, plus exchange rate gains and losses realized).
[29]             Total assets of the Fund minus accrued payables (EIB
fees and audit fees).
[30]             Including accrued interests.