Decision 2003/77 - 2003/77/EC: Council Decision of 1 February 2003 laying down 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 - Main contents

official title

 

Legal instrument	Decision
Number legal act	Decision 2003/77
Original proposal	COM(2001)121
CELEX number i	32003D0077

Avis juridique important

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2003/77/EC: Council Decision of 1 February 2003 laying down 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

Official Journal L 029 , 05/02/2003 P. 0025 - 0027

Council Decision

of 1 February 2003

laying down 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

(2003/77/EC)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community,

Having regard to the Protocol annexed to the Treaty establishing the European Community on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel,

Having regard to Council Decision 2003/76/EC of 1 February 2003 establishing the measures necessary for the implementation of the Protocol, annexed to the Treaty establishing the European Community, on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel(1), and in particular Article 2(2) thereof,

Having regard to the proposal from the Commission(2),

Having regard to the opinion of the European Parliament(3),

Whereas:

• (1) 

  For the purposes of the Protocol annexed to the Treaty establishing the European Community on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel, the Commission shall manage the assets of the ECSC in liquidation and, on completion of the liquidation, the Assets of the Research Fund for Coal and Steel.

• (2) 

  The management of these assets should be aimed at the highest possible yield that is compatible with security.

• (3) 

  The entire capital of the Assets of the Research Fund for Coal and Steel, yielded by the liquidation, should be preserved intact.

• (4) 

  The management of the transferred assets should take account of the experience gained in conducting the financial operations of the European Coal and Steel Community, and 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 should therefore be based on this experience,

HAS ADOPTED THIS DECISION:

Article 1

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 (hereinafter referred to as the "financial guidelines") are set out in the Annex.

Article 2

The financial guidelines shall be reviewed or supplemented, if appropriate, every five years, first period ending on 31 December 2007. To this end, and at the latest in the first six months of the last year of each five-year period, the Commission shall reassess the operation and effectiveness of the financial guidelines and shall propose any appropriate amendments.

If it sees fit, the Commission may carry out such reassessment and shall submit proposals for any appropriate amendments to the Council before the expiry of the five-year period.

Article 3

This Decision shall take effect on the day following that of its publication in the Official Journal of the European Union.

It shall apply from 24 July 2002.

Article 4

This Decision is addressed to the Member States.

Done at Brussels, 1 February 2003.

For the Council

The President

• G. 

  Papandreou

• (1) 

  See page 22 of this Official Journal.

• (2) 

  OJ C 180, 26.6.2001, p. 10.

• (3) 

  OJ C 177, 25.7.2002, p. 28.

ANNEX

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

• 1. 

  USE OF FUNDS

(a) The assets of the ECSC...

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