Report on the five yearly review of the multiannual financial guidelines for managing the assets of the ECSC in liquidation and, on completion of the liquidation, the assets of the Research Fund for Coal and Steel

Background and further information:

Following the expiry of the ECSC Treaty in 2002, the Member States decided to transfer the assets and liabilities to the European Community (now EU) but keep them apart from the General Budget (Protocol on the financial consequences of the expiry of the ECSC Treaty annexed to the Nice Treaty).

The Commission is responsible for the orderly liquidation of the liabilities and to invest the existing assets on the capital markets to generate revenues for the financing of research in the sectors of coal and steel through the Research Fund for Coal and Steel (RFCS). After the end of the liquidation process (to last until 2027), these assets will be known as the “Assets of the Research Fund for Coal and Steel”.

On 1 February 2003 the Council adopted three Decisions necessary for the implementation of the Protocol, i.e. a general decision (2003/76/EC) and decisions laying down guidelines for the asset management (2003/77/EC) and for the RFCS research programme (2003/78/EC, replaced by 2008/376/EC).

In accordance with Article 2 of Council Decision 2003/77/EC, the Commission shall reassess the operation and effectiveness of the financial guidelines for the asset management of the ECSC in liquidation (the "Financial Guidelines"), every five years and shall propose amendments if appropriate. The last assessment was reported upon in 2012 and no amendments proposed. A subsequent five-year report is now due.