Constitution of programme compartments and time compartments
1. A programme compartment shall cover one CAM programme. It shall be established following the entry into force of each CAM programme.
2. Each programme compartment for a multi-beneficiary programme shall also comprise time compartments. A time compartment shall cover the semester starting on 1 January or on 1 July. When a new CAM programme enters into force, the first time compartment shall fall in the semester in which the first disbursement is made and shall end on 30 June or 31 December. For any given programme compartment, only one time compartment shall be active, at any point in time, with the exception of the derogation under Article 5(6) of this Decision.
3. Any time compartment shall remain active until the amount of disbursements of financial assistance reaches the amount of corresponding long-term funding instruments allocated to it.
4. Programme compartments for single-beneficiary programmes shall not comprise time compartments.
5. Programme compartments shall remain active until the overall amount of disbursements of financial assistance reaches the overall amount of corresponding long term funding instruments allocated to it.
Allocation of funding instruments and disbursements to programme compartments and time compartments
1. Disbursements under a given CAM programme, and the related funding instruments allocated to it, shall be attributed to the programme compartment established for that CAM programme. Disbursements under a given multi-beneficiary programme, and the related funding instruments, shall be attributed to the time compartment that is active at the moment in which the disbursement is made.
2. A disbursement shall remain attributed to the same programme compartment or time compartment in respect to any outstanding amount which is yet to be repaid.
3. Long-term funding instruments, other than those referred to in paragraph 7, shall be attributed to programme compartments and, if applicable, time compartments that are active at the moment of the conclusion of the borrowing operation generating them.
4. However, funding instruments raised with a view to funding a disbursement in the following time compartment may be attributed to that time compartment.
5. Where the amount of disbursements at the end of the semester of a time compartment exceeds the amount of long-term funding instruments, the long-term funding instruments generated from the borrowing operations after the end of the semester of the time compartment shall be attributed to that time compartment until the amount of long-term funding instruments reaches the amount of disbursements of that time compartment.
6. The attribution of long-term funding instruments to a programme compartment or time compartment shall take place at the moment where the transaction is executed while ensuring, to the best degree, an equitable achievement of the different average maturity targets for each CAM programme over the current funding period and taking into consideration the following factors:
(a)
the aggregate amounts and average maturity target planned under the diversified funding strategy, as set out in decisions adopted under Article 4 of Implementing Decision (EU, Euratom) 2023/2825;
(b)
any requirements stemming from the underlying basic acts, and in particular, the average maturity ceilings of each CAM programme and maximum amount of liabilities that the general budget of the Union is in position to commit to in a given year under that CAM programme;
(c)
the loan maturities set out in the loan agreements concluded between the Union represented by the Commission and the beneficiary;
(d)
any material update to funding or disbursement planning, contained in a decision under Article 4 of Implementing Decision (EU, Euratom) 2023/2825.
7. Any long-term funding instrument shall remain in part or in full attributed to the same programme compartment or time compartment in respect of any outstanding amount which is yet to be repaid.
8. By way of derogation from paragraph 1, where the notional amount of long-term funding instruments attributed to a preceding time compartment of the same programme compartment exceeds the amount of disbursements attributed to that compartment in accordance with that paragraph, the disbursements shall continue to be allocated to that time compartment, which will therefore remain active, until the amount of disbursements made reaches the amount of long-term funding instruments.
9. Long-term funding instruments replacing maturing long-term funding instruments shall be attributed to the same programme compartment or time compartment. Article 7 shall apply in the case of a mismatch between the maturity date of the maturing long-term instrument and the date of borrowing of the long-term instrument replacing it.
Liquidity management compartment
1. The liquidity management compartment shall operate until the borrowing operations authorised in CAM programmes are fully repaid.
2. Short-term funding instruments, liquidity management operations and debt management operations and the costs arising from them shall be attributed to the liquidity management compartment.
Levelling of liquidity balances
1. The level of liquidity holdings in any programme compartment and time compartment shall be calculated on a daily basis as the difference between inflows and outflows, as set out in step 3 of point 1 of the Annex.
2. Any positive amount referred to in paragraph 1 (‘liquidity surplus’) shall be on a daily basis allocated from the respective programme compartment or time compartment to the liquidity management compartment, as set out in step 4 of point 1 of the Annex, at the cost of funding of the relevant programme compartment or time compartment on that day.
3. Any amount corresponding to the negative amount referred to in paragraph 1 (‘liquidity deficit’) shall, on a daily basis, be taken from the liquidity management compartment and attributed to the respective programme compartment or time compartment, as set out in step 6 of point 1 of the Annex, at the cost of funding of the liquidity management compartment, including all transfers set out in paragraph 2, on that day.
Section 2 — Calculation of costs of funding and of costs of liquidity management
Calculation of cost of funding of programme compartments and time compartments
1. Costs of funding of all programme compartments and time compartments shall be calculated on a daily basis.
2. The cost of funding a funding instrument shall comprise the daily interest in relation to each funding instrument and a potential agio/disagio based on the all-in issuance price.
3. The daily cost of funding of a programme compartment or time compartment shall comprise the daily cost of funding of the funding instruments attributed to that programme compartment or time compartment after the results of the application of Article 7(2) and (3).
Calculation of cost of liquidity management
1. The cost of liquidity management shall be the sum of the cost of carry in the liquidity management compartment, as set out in point 2 of the Annex.
2. The cost of carry shall be the difference between the interest accrued under the relevant funding instruments of the liquidity management compartment, the costs and returns resulting from the levelling of any liquidity surpluses or liquidity deficits referred to in Article 7(2) and (3), and the return on investment generated by the holdings.
3. The return on investment of liquidity holdings shall comprise any related costs of the investment.
4. The costs of liquidity management shall be calculated on a daily basis.
Allocation of costs of liquidity management
1. The costs of liquidity management shall be calculated as the sum of the daily costs of liquidity management over a quarter. These costs shall be attributed to each disbursement on a pro rata basis of the relative share of the disbursement to total outstanding amounts of disbursements at the end of the quarter.
Attribution of cost of funding to a disbursement
1. The disbursements of the same programme compartment or time compartment shall bear the same average daily cost of funding until their repayment.
2. For each outstanding disbursement, the daily cost of funding shall be calculated by multiplying the total cost of funding of the programme compartment or time compartment after application of Article 7(2) and (3) with the disbursement amount divided by the total outstanding amounts of disbursements of the programme compartment to which the disbursement is attributed.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
