| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2014) 214 final (08.04.14) |
| Publication Date | 08/04/2014 |
| Content Type | Policy-making, Report |
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The Guarantee Fund for external actions ("the Fund") was established in 1994 by Council Regulation (EC, Euratom) No 2728/94 of 31 October 1994 in order to shield the Union budget in the event of any default by the beneficiaries of loans granted or guaranteed by the European Union. The Regulation has been amended three times and the Fund is currently operated under Council Regulation (EU, Euratom) No 480/2009 of 25 May 2009 (codified version). Four reviews of the functioning of the Fund have taken place (in 1998, 2003, 2006 and 2010). Further to the review in 2006, a new provisioning mechanism was implemented. It entered into force in 2007. This report presents the fifth review of the Fund and it was announced in the conclusion of the 2010 report.Additional information on the activity and the functioning of the Fund can be found in the annual reports on the management of the Fund and on the guarantees covered by the EU budget. This report is structured as follows: sections 2 and 3 recall the key features of the current provisioning mechanism and the functioning of the Fund. Then, section 4 highlights the main events which affected the Fund since the last comprehensive report in 2010 while section 5 covers the management of the Fund's assets. Section 6 gives the outlook of operations covered by the Fund and their impact on provisioning needs for the MFF 2014-2020. Section 7 reviews the target provisioning rate while section 8 concludes. A Commission Staff Working Document (SWD) complements this report by providing graphs and tables. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2014:214:FIN |
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| Subject Categories | Economic and Financial Affairs, Politics and International Relations |
| Countries / Regions | Europe |
