Council Regulation (EC, Euratom) No 1149/1999 of 25 May 1999 amending Regulation (EC, Euratom) No 2728/94 establishing a Guarantee Fund for external actions

COUNCIL REGULATION (EC, EURATOM) No 1149/1999
of 25 May 1999
amending Regulation (EC, Euratom) No 2728/94 establishing a Guarantee Fund for external actions
THE COUNCIL OF THE EUROPEAN UNION
,
Having regard to the Treaty establishing the European Community, and in particular Article 308 thereof,
Having regard to the Treaty establishing the European Atomic Energy Community, and in particular Article 203 thereof,
Having regard to the proposal from the Commission(1),
Having regard to the opinion of the European Parliament(2),
Having regard to the opinion of the Court of Auditors(3),
Whereas:
(1) the Guarantee Fund is endowed by payments from the general budget of the European Communities, by the interest on its invested resources and by the amounts recovered from defaulting debtors where the Fund has already honoured the guarantee;
(2) experience of the functioning of the Guarantee Fund indicates that a ratio of 9 % between the Fund's resources and guaranteed liabilities in principal, increased by unpaid interest due, would be adequate;
(3) payments to the Guarantee Fund equal to 9 % of the amount of each operation would seem sufficient to attain the target amount;
(4) the Guarantee Fund attained its target amount on 31 December 1997 and therefore the provisioning rate should be reviewed;
(5) if the Guarantee Fund exceeds the target amount the surplus is paid back to the general budget of the European Communities;
(6) the Commission should report to the European Parliament and the Council on the functioning of the Fund and take into account possible changes of risks to which the Guarantee Fund is exposed following enlargement of the Community;
(7) Regulation (EC, Euratom) No 2728/94(4) should be amended accordingly;
(8) the Treaties do not provide any powers other than those pursuant to Article 308 of the EC Treaty and Article 203 of the Euratom Treaty for the adoption of this Regulation,