Report from the Commission to the European Parliament and the Council on the Guarantee Fund and the management thereof in 2010

Council Regulation (EC, Euratom) No 480/2009 of 25 May 2009 established a Guarantee Fund for external actions 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 on 23 November 1994 in Brussels and on 25 November 1994 in Luxembourg.

Under Article 8(2) of the Agreement, by 1 March of each year the EIB must send the Commission an annual status report on the Fund and the management thereof and a financial statement for the Fund for the preceding year.

Further details of the report covering the year 2010 can be found in the Commission Staff Working Document [see Related URL].

In addition, 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.

EUR-Lex: COM(2011)476: Follow the progress of this document through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2011:476:FIN

European Commission: SEC(2011)990: Commission staff working document http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SEC:2011:0990:FIN:EN:PDF

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