Gelex

Council Regulation (EC) No 431/2009 of 18 May 2009 amending Regulation (EC) No 332/2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments

In forceVersion 2009-05-18from 2009-05-28
Grade B

mapped from publisher markup. A grade says how a document's structure was obtained, not how reliable the law is.

Ask Gelex about this law

Address https://gelex.eu/eli/EU/regulation/2009/431@2009-05-18/en

Contents
  1. Preamble
    1. Article 1
  3. Article 1
  4. 3.
    1. Article 3a
    1. Article 1
  6. 4.
    1. Article 5
    1. Article 1
  8. 6.
    1. Article 9a
    1. Article 2

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 proposal from the Commission, submitted following consultation with the Economic and Financial Committee,

Having regard to the opinion of the European Parliament,

Having regard to the opinion of the European Central Bank,

Whereas:

(1) The scope and intensity of the international financial crisis affects the potential demand for Community medium-term financial assistance in the Member States outside the euro area and calls for a significant raising of the ceiling for the outstanding amount of loans to be granted to Member States laid down in Council Regulation (EC) No 332/2002 from EUR 25 billion to EUR 50 billion.

(2) In the light of recent experience gained in the functioning of medium-term financial assistance, the tasks and responsibilities of the Commission and of the Member States concerned with the implementation of Regulation (EC) No 332/2002 should be clarified. In addition, the conditions for granting the financial assistance should be set out in detail in a Memorandum of Understanding to be concluded between the Commission and the Member State concerned.

(3) The rules guiding some aspects of the financial management of Community financial assistance should be clarified. For operational reasons, the Member State concerned should be asked to place the financial assistance received in a special account with its National Central Bank and to transfer the amounts due to an account with the European Central Bank a few days prior to their due dates.

(4) Sound management of the Community financial assistance received is of paramount importance. Therefore, without prejudice to Article 27 of the Statute of the European System of Central Banks and of the European Central Bank, this Regulation should provide for the possibility for the European Court of Auditors and the European Anti-Fraud Office, when they deem necessary, to carry out controls in the Member State receiving Community medium-term financial assistance, as already provided for in the existing loan agreements.

(5) Regulation (EC) No 332/2002 should therefore be amended accordingly.

(6) This Regulation should apply immediately to all new loan agreements and to the existing loan agreements if and when they are revised,

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EC) No 332/2002 is hereby amended as follows:

1. in Article 1(1), the second subparagraph shall be replaced by the following: The outstanding amount of loans to be granted to Member States under this facility shall be limited to EUR 50 billion in principal.;

2. Article 3(2) shall be replaced by the following:

2. The Member State seeking medium-term financial assistance shall discuss with the Commission an assessment of its financial needs and submit a draft adjustment programme to the Commission and the Economic and Financial Committee. The Council, after examining the situation in the Member State concerned and the adjustment programme presented in support of its application, shall decide, as a rule during the same meeting:

(a) whether to grant a loan or appropriate financing facility, its amount and its average duration;

(b) the economic policy conditions attached to the medium-term financial assistance with a view to re-establishing or ensuring a sustainable balance of payments situation;

(c) the techniques for disbursing the loan or financing facility, the release or drawing-down of which shall, as a rule, be by successive instalments, the release of each instalment being subject to verification of the results achieved in implementing the programme in terms of the objectives set.;

3. the following Article shall be inserted:

Article 1

3.

Article 3a

The Commission and the Member State concerned shall conclude a Memorandum of Understanding setting out in detail the conditions laid down by the Council pursuant to Article 3. The Commission shall communicate the Memorandum of Understanding to the European Parliament and the Council.;

Article 1

4. Article 5 shall be replaced by the following:

Article 1

4.

Article 5

The Commission shall take the necessary measures to verify at regular intervals, in collaboration with the Economic and Financial Committee that the economic policy of the Member State in receipt of a Community loan complies with the adjustment programme, any other conditions laid down by the Council pursuant to Article 3 and the Memorandum of Understanding referred to in Article 3a. To this end, the Member State shall make all the necessary information available to the Commission and fully cooperate with the latter. On the basis of the findings of such verification, the Commission, after the Economic and Financial Committee has delivered an opinion, shall decide on the release of further instalments. The Council shall decide on any adjustments to be made to the initial economic policy conditions.;

Article 1

5. the following paragraph shall be added to Article 7:

5. The Member State concerned shall open a special account with its National Central Bank for the management of the Community medium-term financial assistance received. It shall also transfer the principal and the interest due under the loan to an account with the European Central Bank seven TARGET2 business days prior to the corresponding due date.

6. the following Article shall be inserted:

Article 1

6.

Article 9a

Without prejudice to Article 27 of the Statute of the European System of Central Banks and of the European Central Bank, the European Court of Auditors shall have the right to carry out, in the Member States receiving Community medium-term financial assistance, any financial controls or audits that it considers necessary in relation to the management of that assistance. The Commission, including the European Anti-Fraud Office, shall thus have the right to send its officials or duly authorised representatives to carry out, in Member States receiving Community medium-term financial assistance, any technical or financial controls or audits that it considers necessary in relation to that assistance..

Article 2

This Regulation shall enter into force on the day following its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 18 May 2009. For the Council The President J. Kohout

Versions

  1. 2009-05-18

Cited by

  • Definitive adoption (EU, Euratom) 2021/417 of the European Union’s general budget for the financial year 2021 Act · Grade B
    This preparatory action will run for three years and will have a budget of EUR 4000000. Appropriations 2021 Appropriations 2020 Outturn 2019 Commitments Payments Commitments Payments Commitments Payments p.m. 720000 2400000 600000 Former item 07 02 77 55 This appropriation is intended to cover commitments remaining to be settled from previous years under the preparatory action. This preparatory action evaluates the changes in biodiversity status in Europe, and at Union and pan-European levels, addressesclustered drivers of decline and monitor the impact of conservation measures and policy acti
  • Definitive adoption (EU, Euratom) 2016/150 of the European Union’s general budget for the financial year 2016 Act · Grade B
    Costs of technical assistance for selecting projects and monitoring, evaluating and auditing projects under the LIFE programme (including non-profit-making organisations supported via operating grants) may also be financed by this appropriation. The measures financed by LIFE may be implemented through action grants, operating grants, financial instruments, procurement procedures or any other interventions that are needed (Articles 17, 18, 21 and 22 of Regulation (EU) No 1293/2013). At least 81 % of the budgetary resources for the LIFE programme shall be allocated to projects supported by way o
  • Definitive adoption (EU, Euratom) 2019/333 of the European Union’s general budget for the financial year 2019 Act · Grade B
    Costs of technical assistance for selecting projects and monitoring, evaluating and auditing projects under the LIFE programme (including non-profit-making organisations supported via operating grants) may also be financed by this appropriation. The measures financed by LIFE may be implemented through action grants, operating grants, financial instruments, procurement procedures or any other interventions that are needed (Articles 17, 18, 21 and 22 of Regulation (EU) No 1293/2013). At least 81 % of the budgetary resources for the LIFE programme shall be allocated to projects supported by way o
  • Definitive adoption (EU, Euratom) 2022/182 of the European Union’s general budget for the financial year 2022 Act · Grade B
    This preparatory action will run for three years and will have a budget of EUR 4000000. Appropriations 2022 Appropriations 2021 Outturn 2020 Commitments Payments Commitments Payments Commitments Payments p.m. 685795 p.m. 720000 2285981,— 0,— This appropriation is intended to cover commitments remaining to be settled from previous years under the preparatory action. Appropriations 2022 Appropriations 2021 Outturn 2020 Commitments Payments Commitments Payments Commitments Payments p.m. 600000 p.m. 250000 1800000,— 320000,— This appropriation is intended to cover commitments remaining to be settl
  • Definitive adoption of the European Union's general budget for the financial year 2010 (2010/117/EU, Euratom) Act · Grade B
    Documentation and library expenditure Appropriations 2010 Appropriations 2009 Outturn 2008 p.m. p.m. 0,— This appropriation is intended to cover expenditure on producing and developing the Commission’s intranet site (Intracomm), subscriptions to view data services, the cost of binding and other expenditure necessary for the preservation of books and publications, expenditure on subscriptions to newspapers, specialist periodicals, and the purchase of publications and technical works connected with the Office’s activities. RESERVES Provisional appropriations Appropriations 2010 Appropriations 20
  • Definitive adoption (EU, Euratom) 2015/339 of the European Union’s general budget for the financial year 2015 Act · Grade B
    Title Chapter Heading Appropriations 2015 Appropriations 2014 Outturn 2013 Commitments Payments Commitments Payments Commitments Payments 40 01 RESERVES FOR ADMINISTRATIVE EXPENDITURE p.m. p.m. p.m. p.m. 0,— 0,— 40 02 RESERVES FOR FINANCIAL INTERVENTIONS 553167756 237802756 502523000 194775000 0,— 0,— 40 03 NEGATIVE RESERVE p.m. p.m. p.m. p.m. 0,— 0,— Title 40 — Total 553167756 237802756 502523000 194775000 0,— 0,— RESERVES FOR ADMINISTRATIVE EXPENDITURE Title Chapter Article Item Heading FF Appropriations 2015 Appropriations 2014 Outturn 2013 % 2013/2015 40 01RESERVES FOR ADMINISTRATIVE EXPEN
  • Definitive adoption (EU, Euratom) 2017/292 of the European Union’s general budget for the financial year 2017 Act · Grade B
    Pilot project within the meaning of Article 54(2) of 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). Title Chapter Heading Appropriations 2017 Appropriations 2016 Outturn 2015 Commitments Payments Commitments Payments Commitments Payments 40 01 RESERVES FOR ADMINISTRATIVE EXPENDITURE 5769253 5769253 3426739 3426739 0,— 0,— 40 02 RESERVES FOR FINANCIAL INTERVENTIONS 566089522 372326522
  • Definitive adoption (EU, Euratom) 2020/227 of the European Union’s general budget for the financial year 2020 Act · Grade B
    Costs of technical assistance for selecting projects and monitoring, evaluating and auditing projects under the LIFE programme (including non-profit-making organisations supported via operating grants) may also be financed by this appropriation. The measures financed by LIFE may be implemented through action grants, operating grants, financial instruments, procurement procedures or any other interventions that are needed (Articles 17, 18, 21 and 22 of Regulation (EU) No 1293/2013). At least 81 % of the budgetary resources for the LIFE programme shall be allocated to projects supported by way o
  • Decision of the European Central Bank of 19 June 2009 amending Decision ECB/2003/14 concerning the administration of the borrowing-and-lending operations concluded by the European Community under the medium-term financial assistance facility (ECB/2009/17) (2009/555/EC) Decision · Grade B
    Having regard to Council Regulation (EC) No 431/2009 of 18 May 2009 amending Regulation (EC) No 332/2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments, and in particular Article 1(5) thereof,
  • Definitive adoption (EU, Euratom) 2023/278 of the European Union’s annual budget for the financial year 2023 Act · Grade B
    Preparatory action within the meaning of Article 58(2) of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1). AGRICULTURE AND MARITIME POLICY The appropriations under this chapter are intended to finance th
  • Definitive adoption (EU, Euratom) 2018/251 of the European Union’s general budget for the financial year 2018 Act · Grade B
    The development plans will be based on regional cost-benefit analyses and economic tools, including the cost of water resilience plans. The solutions will prevent water cycle pollution and avoid pollution through water discharge. The benefits will be compared to alternative or complementary options. The selection of pilots and regions will take into account relevant Interreg and other Union projects. Pilot project within the meaning of Article 54(2) of 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
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union 2015 2016/C 380/01 Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A (S&P or equivalent) and a minimum short term rating A-1 (S&P or equivalent) is required as a general rule. Specific measures are applied in case banks in this group are subject to down
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Annual accounts of the European Union — Financial year 2010 2011/C 332/01 Notice · Grade B
    For investments from provisionally cashed fines we take on exposure to credit risk which is the risk that a counterparty will be unable to pay amounts in full when due. The highest concentration of exposure is towards France and Germany as each of these countries represents respectively 69 % and 25 % of the total volume of the portfolio. The main investment limits are for benchmark countries (currently France and Germany, rated AAA/Aaa): up to 100 % of the portfolio. For other authorised issuers (a minimum rating of Aa2 (Moody's or equivalent) is required): up to 25 % of the portfolio. Borrowi
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union 2014 2015/C 377/01 Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A (S&P or equivalent) and a minimum short term rating A-1 (S&P or equivalent) is required as a general rule. Specific measures are applied in case banks in this group are subject to down
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union 2017 2018/C 348/01 Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A (S&P or equivalent) and a minimum short term rating A-1 (S&P or equivalent) is required as a general rule. Specific measures are applied in case banks in this group are subject to down
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union for the financial year 2018 (2019/C 327/01) Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A- (S&P or equivalent) with two rating agencies is required as a general rule. Specific measures are applied in case banks in this group are subject to downgrade. In addition, the amount
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union 2019 2020/C 384/01 Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A- (S&P or equivalent) with two rating agencies is required as a general rule. Specific measures are applied in case banks in this group are subject to downgrade. In addition, the amount
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union 2016 2017/C 323/01 Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A (S&P or equivalent) and a minimum short term rating A-1 (S&P or equivalent) is required as a general rule. Specific measures are applied in case banks in this group are subject to down
  • Communication from the Commission to the European Parliament, the Council and the Court of Auditors Annual Accounts of the European Union 2020 2021/C 436/01 Notice · Grade B
    Banks holding deposits for the fines provisionally cashed before 2010 are selected by tender procedure in compliance with the risk management policy which defines the credit rating requirements and the amount of funds which could be placed in proportion to the counterparty equity. For commercial banks that have been specifically selected for the deposit of provisionally cashed fines, a minimum long-term rating A- (S&P or equivalent) with two rating agencies is required as a general rule. Specific measures are applied in case banks in this group are subject to downgrade. In addition, the amount