2007/247/EC: Council Decision of 19 April 2007 on the Community participation in the capital increase of the European Investment Fund

• Articles: 5

Article 1

In addition to its current shareholding in the European Investment Fund (the Fund), the Community shall subscribe for up to 300 shares each of a nominal value of EUR 1 million in the Fund. The subscription of shares and the annual payments shall be carried out in accordance with the terms and conditions that shall be approved by the General Meeting of the Fund.

Article 2

The Community shall purchase the new shares over a four-year period starting in 2007. During 2007 to 2010, the dividends received for the Community participation in the Fund shall be considered as assigned revenue, in accordance with Article 18(2) of Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities  ( 4 ) , to cover part of the cost of subscription.

In addition, a total amount of up to EUR 100 million for the whole period shall be available within the general budget of the European Union to cover the remaining cost. The budgetary commitment may be broken down into annual instalments over four years in accordance with Article 76(3) of Regulation (EC, Euratom) No 1605/2002.

Article 3

The Commission shall submit to the Council an evaluation of the own resources activity of the Fund by 31 July 2012.

Article 4

The Fund shall send its Annual Report and the Annual Report of the Audit Board to the European Parliament and the Council.

Article 5

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

It shall apply from 19 April 2007.