Council Decision (EU) 2023/1059 of 25 May 2023 on the position to be adopted on behalf of the European Union within the Specialised Committee on Social Security Coordination established by the Trade and Cooperation Agreement between the European Union and the European Atomic Energy Community, of the one part, and the United Kingdom of Great Britain and Northern Ireland, of the other part, as regards the designation of the financial institution to serve as reference to determine the interest rate for late payments and the exchange rate for currency conversions, as well as the date to be taken into consideration for determining the rates of currency conversion

• CELEX: Decision (EU) 2023/1059
• Articles: 10

Article 1

The position to be adopted on behalf of the European Union within the Specialised Committee on Social Security Coordination established by Article 8(1)(p) of the Trade and Cooperation Agreement as regards the designation of the financial institution to serve as reference to determine the interest rate for late payments and the exchange rate for currency conversions, as well as the date to be taken into consideration for determining the rates of currency conversion, is set out in the draft Decision of the Specialised Committee attached to this Decision.

Article 1

The European Central Bank shall be the financial institution designated for the purposes of Articles SSCI.53(2) and SSCI.73.

Article 2

This Decision shall enter into force on the date of its adoption.

Article 2

For the purpose of this Decision, the rate of conversion shall be understood as a daily conversion rate published by the European Central Bank.

Article 3

If not otherwise stated in this Decision, the rate of conversion shall be the rate published on the day when the operation is performed.

Article 4

An institution of a State, which for the purpose of the establishment of an entitlement, and for the first calculation of the benefit, has to convert an amount, shall use:

(a)

when, according to national legislation or the Protocol, an institution takes into account amounts, such as earnings or benefits, during a certain period before the date for which the benefit is calculated, the rate of conversion published on the last day of that period;

(b)

when, according to national legislation or the Protocol, for the purpose of calculation of the benefit an institution takes into account one amount, the rate of conversion published on the first day of the month immediately preceding the month when the provision must be applied.

Article 5

Article 4 shall apply mutatis mutandis when an institution of a State for the recalculation of the benefit due to changes in the factual or legal situation of the person concerned, has to convert an amount.

Article 6

An institution of a State which pays a benefit that is regularly indexed in accordance with the national legislation, and where the amounts in other currency have an impact on that benefit, shall, when recalculating it, use the rate of conversion published on the first day of the month preceding the month when the indexation is due, unless provided for differently in the national legislation.

Article 7

For the purposes of Article SSCI.73 of the Protocol, the date to be taken into account for determining the applicable exchange rate between two currencies shall be:

(a)

in the case of a request for offsetting from arrears/ongoing payments, the working day immediately preceding the day on which the applicant party sent the final request for offsetting from arrears/ongoing payments; or

(b)

in the case of a request for recovery, the working day immediately preceding the day on which the applicant party sent the first request for recovery.

For the purposes of this Article, working day shall refer to a working day of the European Central Bank on which it publishes a daily reference rate for currency exchange.

Article 8

This Decision shall inter into force on the date of its adoption.