Article 1 
The financial envelope for the implementation of the International Fund for Ireland (‘the Fund’) for the period 2007 to 2010 shall be EUR 60 million. Annual appropriations shall be authorised by the budgetary authority within the limit of the financial framework.
Article 2 
Contributions shall be used by the Fund in accordance with the Agreement of 18 September 1986 between the Government of Ireland and the Government of the United Kingdom of Great Britain and Northern Ireland concerning the International Fund for Ireland (‘the Agreement’). In allocating contributions, the Fund shall give priority to projects of a cross-border or cross-community nature, in such a way as to complement the activities financed by the Structural Funds, and especially those of the Special Programme for Peace and Reconciliation in Northern Ireland and the Border Counties of Ireland (‘the PEACE Programme’). Contributions shall be used in such a way as to bring about sustainable economic and social improvement in the areas concerned. They shall not be used as a substitute for other public and private expenditure.
Article 3 
The Commission shall represent the Union as an observer at the meetings of the Board of the Fund. The Fund shall be represented as an observer at the Monitoring Committee meetings of the PEACE programme, and of other Structural Funds interventions as appropriate.
Article 4 
The Commission shall, in cooperation with the Board of the Fund, determine appropriate procedures to foster coordination at all levels between the Fund and the managing authorities and implementing bodies set up under the Structural Funds interventions concerned, in particular under the PEACE programme.
Article 5 
The Commission shall, in cooperation with the Board of the Fund, determine appropriate publicity and information procedures in order to publicise the Union contributions to the projects financed by the Fund.
Article 6 
By 30 June 2008, the Fund shall submit to the Commission its strategy for the closure (closure strategy) of its activities, including: (a) an action plan with projected payments and a foreseen winding-up date; (b) a de-commitment procedure; (c) the treatment of any residual amounts and interest received at the closure of the Fund. Subsequent payments to the Fund shall be conditional on the Commission’s approval of the closure strategy. If the closure strategy is not submitted to the Commission by 30 June 2008, payments to the Fund shall be interrupted until the strategy is received.
Article 7 
1. The Commission shall administer the contributions. Subject to paragraph 2, the annual contribution shall be paid, in instalments, as follows: (a) a first advance payment of 40 % shall be made after the Commission has received an undertaking, signed by the Chairman of the Board of the Fund, to the effect that the Fund will comply with the conditions for the grant of the contribution set out in this Regulation; (b) a second advance payment of 40 % shall be made 6 months later; (c) a final payment of 20 % shall be made after the Commission has received and accepted the Fund’s annual activity report and audited accounts for the year in question. 2. Before paying out an instalment the Commission shall carry out an assessment of the Fund’s financial needs on the basis of the Fund’s cash balance at the time scheduled for each payment. If, following that assessment, the Fund’s financial needs do not justify payment of one of those instalments, the payment concerned shall be suspended. The Commission shall review that suspension on the basis of new information provided by the Fund and shall continue payments as soon as they are considered justified.
Article 8 
A contribution from the Fund may be allocated to an operation which receives or is due to receive financial assistance under a Structural Funds intervention only if the sum of that financial assistance plus 40 % of the contribution from the Fund does not exceed 75 % of the operation’s total eligible costs.
Article 9 
A final report shall be submitted to the Commission 6 months before the winding-up date provided for in the closure strategy or 6 months after the final payment referred to in point (c) of the second subparagraph of Article 7(1), whichever is the sooner, and shall include all the necessary information to enable the Commission to evaluate the implementation of the assistance and the attainment of the objectives of the Fund.
Article 10 
The final-year contribution shall be paid following the financial needs analysis referred to in Article 7(2) and provided the Fund’s performance respects the closure strategy.
Article 11 
The final date of eligibility of expenditure is 31 December 2013.
Article 12 
This Regulation shall enter into force on the day following its publication in the Official Journal of the European Union . Article 6 shall apply from 1 January 2007. This Regulation shall expire on 31 December 2010.