Article 1
Open ↗Decision 2003/76/EC is amended as follows: (1) in Article 1, the following paragraph is inserted: ‘1a. The Commission shall write off claims, even before exhausting all the said remedies, in the following cases: (a) where the foreseeable cost of recovery would exceed the amount to be recovered and the write-off would not harm the image of the Union; (b) where the claim cannot be recovered in view of the insolvency of the debtor, or of any other insolvency proceedings; (c) where recovery is inconsistent with the principle of proportionality.’; (2) Article 2 is replaced by the following: ‘Article 2 1. The assets shall be managed by the Commission in such a manner as to keep an annual Research Fund for Coal and Steel allocation of EUR 111 million until the year 2027 to finance research in the sectors related to the coal and steel industry, namely EUR 40 million to finance collaborative research in those sectors and EUR 71 million to finance research for breakthrough technologies leading to near-zero-carbon steelmaking and research projects for managing the just transition of formerly operating coal mines or coal mines in the process of closure, and related infrastructure in line with the Just Transition Mechanism and in compliance with Article 4(2). After the year 2027, the assets shall be managed by the Commission in such a manner as to ensure a long-term return. The assets shall be invested with the objective of preserving, and where possible enhancing, the value of those assets. 2. The annual allocation of EUR 111 million shall be constituted of the net revenue from the investments, and, if that revenue is insufficient, the sale of part of the assets of the ECSC in liquidation and, on completion of the liquidation, the assets of the Research Fund for Coal and Steel.’; (3) Article 3 is replaced by the following: ‘Article 3 1. Each year a profit-and-loss account, balance sheet and financial report shall be drawn up to show, separately from the other financial operations of the Union, the liquidation operations provided for in Article 1 and the investment transactions and asset management operations under Article 2. These financial statements shall be annexed to the financial statements drawn up by the Commission annually under Article 318 TFEU and Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council ( *1 ) (“the Financial Regulation”). 2. The powers of the European Parliament, the Council and the Court of Auditors concerning control and discharge as set out in the Treaty on the Functioning of the European Union and in the Financial Regulation shall apply to the operations referred to in paragraph 1. ( *1 ) Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 ( OJ L 193, 30.7.2018, p. 1 ).’;" (4) Article 4 is amended as follows: (a) paragraph 1 is replaced by the following: ‘1. Net revenue from the investments provided for under Article 2 and the revenue generated by selling part of the assets shall constitute revenue in the general budget of the Union. This revenue shall be earmarked for a specific purpose, namely financing research projects in the sectors related to the coal and steel industry not covered by the Research Framework Programme. It shall form the Research Fund for Coal and Steel and shall be managed by the Commission.’; (b) paragraph 3 is deleted; (5) in Article 5, paragraph 2 is deleted; (6) the Annex is deleted.