ANNEX ISupplementary provisions
ANNEX I CALCULATION OF RATES FOR THE REIMBURSEMENT OF FINANCING COSTS (Article 3(1)(a)) I. APPLICABLE INTEREST RATES 1. For the purposes of calculating the financing costs to be borne by the EAGF for the funds mobilised by the Member State for buying in products, the Commission shall fix a uniform interest rate in accordance with Article 20(4) of Regulation (EU) No 1306/2013 throughout the Union at the beginning of every accounting year. The uniform interest rate shall correspond to the average of the 3-month and 12-month forward Euribor rates, recorded during a 6-month reference period which is to be determined by the Commission, with a weighting of one-third and two-thirds respectively. 2. In order to determine the interest rates applicable for a given accounting year, the Member States shall notify the Commission, at its request, of the average interest rate they actually bore during the reference period referred to in point 1 no later than the deadline referred to in that request. The notification shall be made using the form made available to the Member States by the Commission. In the absence of any notification from a Member State, in the form and by the deadline referred to in the first subparagraph, the interest rate borne by that Member State shall be considered to be 0 %. In the situation where a Member State declares that it did not bear any interest costs because it did not have agricultural products in public storage during the reference period, the Commission shall fix that rate on the basis of the average reference interest rates during the reference period referred to in the first paragraph of this point plus one percentage point. These reference interest rates shall be: (a) For Member States whose currency is the euro, the Euro interbank borrowing offered rate three months (EURIBOR); (b) For Member States whose currency is not the euro, the interbank borrowing offered rate three months applicable in each Member State (IBOR). If the reference interests rates or the Euribor rates referred to in point (a) are not all available for the entire reference period, the available rates for that period shall be used. 3. For each Member State concerned, the interest rate determined on the basis of the provisions of point (b) shall be compared with the uniform interest rate fixed on the basis of the provisions of point (a). The interest applicable to each Member State shall be the lower of these two interest rates. The interest rates fixed in the Commission Implementing Regulation adopted on the basis of Article 20(4) of Regulation (EU) No 1306/2013 for each accounting year shall be rounded to 1 decimal. II. CALCULATION OF FINANCING COSTS 1. The calculation of the financing costs shall be subdivided according to the validity periods of the interest rates fixed by the Commission in accordance with Part I. 2. The financing costs referred to in Article 3(1)(a) shall be calculated by applying the Member State’s interest rate to the average value per tonne of the product bought in, and then multiplying the product thus obtained by the average stock for the accounting year. The average value per tonne of product shall be calculated by dividing the sum of the values of the products in store on the first day of the accounting year and of products bought in during that year by the sum of the quantities of products in store on the first day of the accounting year and of products bought in during the accounting year. The average stock for the accounting year shall be calculated by dividing the sum of the stock at the beginning of each month and the stock at the end of each month by a number equal to twice the number of months in the accounting year. 3. Where a depreciation coefficient is fixed for a product in accordance with point 1 of Annex V, the value of the products bought in during the accounting year shall be calculated by deducting from the buying-in price the depreciation amount obtained by applying this coefficient. 4. In the case of products for which a second depreciation has been fixed pursuant to the second subparagraph of point 3 of Annex V, the calculation of average stocks shall be made before the actual date of each depreciation taken into account for the purposes of the average value. 5. Where the rules governing common market organisations stipulate that payment for a product bought in by an paying agency may not be effected until at least one month has elapsed from the date of taking over, the average stock calculated shall be reduced by a quantity resulting from the following calculation: where Q = quantities bought in during the accounting year, N = number of months of minimum period before payment. For the purposes of this calculation, the minimum period given in the rules shall be taken as the period for payment. A month shall be considered as consisting of 30 days. Any part of a month longer than 15 days shall be considered a whole month; any part of a month equal to or less than 15 days shall not be taken into account for this calculation. Where the calculation of average stock at the end of the accounting year gives a negative result once the reduction referred to in the first subparagraph has been effected, that amount shall be deducted from the average stock calculated for the following accounting year. III. SPECIAL RULES UNDER THE RESPONSIBILITY OF THE PAYING AGENCIES 1. Where, for the sale of products by paying agencies, the rules governing the common market organization or notices of invitation to tender allow the purchaser of such products a period in which to remove them once payment has been made, and where such period exceeds 30 days, the financing costs calculated in accordance with Part II shall be reduced, in the accounts of the paying agencies, by the amount obtained from the following calculation: where V = the amount paid by the purchaser, J = the number of days between receipt of payment and removal of the product, minus 30 days, i = the interest rate applicable during the accounting year. 2. In the case of sales of agricultural products by paying agencies based on specific Union regulations, where the actual period for payment after removal of such products exceeds 30 days, the financing costs calculated in accordance with Part II shall be increased in the accounts of the paying agencies by the amount obtained from the following calculation: where M = the amount to be paid by the purchaser, D = the number of days between removal of the product and receipt of payment, minus 30 days, i = the interest rate applicable during the accounting year. 3. At the end of each accounting year, the financing costs referred to in paragraphs 1 and 2 shall be entered in the accounts for that agricultural financial year for the number of days to be considered until that date and the remainder shall be entered under the following accounting year.