CELEX: 11992M/PRO/IME/17
Language: en
Date: 1992-02-07 00:00:00
Title: Treaty on European Union - Protocol on the statute of the European Monetary Institute - Article 17: Annual accounts and auditing

Avis juridique important

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11992M/PRO/IME/17

Treaty on European Union - Protocol on the statute of the European Monetary Institute - Article 17: Annual accounts and auditing  

Official Journal C 191 , 29/07/1992 P. 0083

 Article 17  Annual accounts and auditing 17.1. The financial year of the EMI shall begin on the first day of January and end on the last day of December.  17.2. The Council of the EMI shall adopt an annual budget before the beginning of each financial year.  17.3. The annual accounts shall be drawn up in accordance with the principles established by the Council of the EMI.  The annual accounts shall be approved by the Council of the EMI and shall thereafter be published.  17.4. The annual accounts shall be audited by independent external auditors approved by the Council of the EMI. The auditors shall have full power to examine all books and accounts of the EMI and to obtain full information about its transactions.  The provisions of Article 188c of this Treaty shall only apply to an examination of the operational efficiency of the management of the EMI.  17.5. Any surplus of the EMI shall be transferred in the following order:  (a)  an amount to be determined by the Council of the EMI shall be transferred to the general reserve fund of the EMI;  (b) any remaining surplus shall be distributed to the national central banks in accordance with the key referred to in Article 16.2.  17.6. In the event of a loss incurred by the EMI, the shortfall shall be offset against the general reserve fund of the EMI. Any remaining shortfall shall be made good by contributions from the national central banks, in accordance with the key as referred to in Article 16.2.