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Cost of service for administrative overheads
The cost of service for administrative overheads shall comprise recurring administrative costs for beneficiaries. It shall comprise set-up costs for RRF loans, within the limits indicated in Article 14 and Article 21(5). The cost of service for administrative overheads shall be calculated in accordance with point 3 of the Annex.
Recurring administrative costs
1. Recurring administrative costs shall comprise any costs incurred by the Commission in the execution of the borrowing and debt management operations, comprised of the following types: legal fees such as those incurred for legal advice and opinions, debt and liquidity management fees, account management and payment management costs, costs for external audit, auction platform maintenance fees, rating agency fees, listing, taxes, registration, publication and settlement fees, information-technology, market related research, consulting fees and other investor relations expenses and management tools well as contractual agent and training fees related to the implementation of the diversified funding strategy. 2. To the extent that such costs are common to borrowing operations implemented for other financial assistance programmes, the costs included in the calculation shall be calculated based on the pro rata share attributed to borrowing and debt management operations assigned to that CAM programme in the relevant calendar year. 3. Recurring administrative costs shall be calculated for each disbursement received under each loan agreement on a pro rata basis of the disbursement to the total amounts of outstanding disbursements made under the different CAM programmes at the end of the calendar year.
Set-up costs for RRF loans
1. Set-up costs for RRF loans shall comprise any costs incurred by the Commission in building the capacity for conducting NGEU borrowing, debt management and payment management operations. They include costs related to the establishment of NGEU accounts, the establishment of an auction platform, an investor management tool, other information-technology costs and market related research and consulting fees. 2. Member States which sign RRF loan agreements shall bear 48 % of the total set up costs. 3. In 2021, 2022 and 2023, Member States shall pay the set-up costs referred to in paragraph 1 on a pro rata basis of the amount of loan under the signed RRF loan agreement to the total amount of loans under all signed RRF loan agreements, as set out in point 3(2)(i) and (ii) of the Annex. 4. By 30 June 2024, any unallocated set-up costs to Member States which have signed RRF loan agreements shall be allocated on a pro rata basis to the amount of loans signed under each RRF loan agreement to the total amounts of loans under all signed RRF loan agreements until 31 December 2023, as set out in point 3(2)(iii) of the Annex. 5. No additional set-up costs for borrowing operations shall be due after the end of the year 2023 or allocated to CAM programmes, unless they fall within the scope of Article 5(1) of Decision (EU, Euratom) 2020/2053.
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