Account for management of proceeds
1. The proceeds related to the borrowing, debt management and lending operations shall be managed through an account opened by the Commission’s Accounting Officer. The Accounting Officer shall delegate the management of this account to relevant services in the Directorate-General of the Budget who shall manage it in line with the rules, principles and procedures set out in this Decision.
2. The account shall be held with the ECB on the basis of a contract on fiscal agency services. It shall be used for dedicated prudential cash holdings which shall be adapted to the amounts of upcoming payments.
3. The Director-General of the Directorate-General for the Budget shall define a methodology according to which prudential cash holdings are calculated for a set period.
Accounts for cash and liquidity management operations
1. Accounts required for cash and liquidity management operations shall be opened by the Commission’s Accounting Officer. The Accounting Officer shall delegate the management of this account to relevant services in the Directorate-General of the Budget who shall manage it in line with the rules, principles and procedures set out in this Decision. The Accounting Officer may set out conditions for the management of the accounts in accordance with the Financial Regulation.
2. For the purpose of cash management above the prudential cash holdings and liquidity management operations, the accounts may be held with the ECB or any other authorised counterparty.
Accounting for borrowing, debt management, liquidity management and lending operations
The Accounting Officer shall be responsible for ensuring the appropriate accounting for all borrowing, debt management, liquidity management and lending operations in accordance with the Union accounting rules and with Title XIII of the Financial Regulation.
Establishment of financial statements
1. The Accounting Officer shall be responsible for the preparation of annual financial statements in respect of the borrowing, debt management, liquidity management and lending operations in accordance with the Union accounting rules and based on the information supplied by the programme authorising officers.
2. These financial statements shall be part of the consolidated annual accounts of the Union budget.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
