PURPOSE : to amend Regulation 2728/94/EC, Euratom establishing a Guarantee Fund for external actions with regard to the accession of 10 new Member States on 1 May 2004.
LEGISLATIVE ACT : Council Regulation 2273/2004/EC, Euratom amending Regulation 2728/94/EC, Euratom establishing a Guarantee Fund for external actions.
CONTENT : this Regulation deals with the implications of accession on the Guarantee Fund for external actions. To recall, the Communities have granted loans and guaranteed loans to accession countries or for projects executed in those countries. Those loans and guarantees are currently covered by the Guarantee Fund and will remain outstanding or in force after the date of accession. From that date, they will cease to be external actions
of the Communities and should therefore be covered directly by the general budget of the European Union and no longer by the Guarantee Fund. This Regulation sets out rules for addressing such issues.
The new amended Regulation also includes an extension for the presentation of a annual report to the European Parliament, the Council and the Court of Auditors on the situation of the Funds and the management throughout the past year.
ENTRY INTO FORCE : 03/01/2005.
DATE APPLICABLE : from 01/05/2004.