Report from the Commission to the European Parliament and the Council on the Guarantee Fund and its management in 2014

Council Regulation (EC, Euratom) No 480/2009 of 25 May 2009 ('the Regulation') established a Guarantee Fund for external actions ('the Fund') in order to repay the Union's creditors in the event of default by beneficiaries of loans granted or guaranteed by the European Union.

In accordance with Article 7 of the Regulation, the Commission entrusted the financial management of the Fund to the European Investment Bank (EIB) under an agreement signed between the Community and the EIB in November 1994 ('the Agreement') and subsequently amended in September 1996, May 2002, February 2008, October 2010 and November 2010.

Article 8 of the Regulation requires the Commission to send a report to the European Parliament, the Council and the Court of Auditors on the situation of the Fund and the management thereof for each financial year by 31 May of the following year. This report together with the Commission Staff Working Document (SWD) provides this information. It is based on data received from the EIB, in line with the Agreement.

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