Payment of the instalments
Article 20
1. Calls for contributions shall first use up the amounts laid down for previous EDFs, one after the other. 2. The contributions of the Member States shall be expressed in euros and shall be paid in euros. 3. The contribution referred to in point (a) of Article 19(7) shall be credited by each Member State to a special account entitled ‘European Commission — European Development Fund’ opened with the central bank of the relevant Member State or the financial institution designated by it. The amount of such contributions shall remain in those special accounts until the payments need to be made. 4. The account referred to in paragraph 3 shall be kept free of any charge and interest. 5. Where negative interest is applied to the account referred to in paragraph 3 of this Article, the Member State concerned shall, at the latest on the date of payment of each instalment referred to in Article 19, credit the account with an amount corresponding to the amount of such negative interest applied until the first day of the month preceding the payment of the instalment. 6. Without prejudice to paragraph 7 of this Article, the Commission shall endeavour to make any withdrawals from the special accounts in such a way as to maintain a distribution of assets in those accounts that corresponds to the contribution key pursuant to point (a) of Article 1(2) of the Internal Agreement. 7. When covering the 11th EDF cash resource requirements in accordance with paragraph 3, the Commission shall aim to reduce the impact of the obligation on Member States to credit amounts of negative interest pursuant to paragraph 5 by drawing with priority on the sums credited to the accounts concerned. 8. The contribution referred to in point (b) of Article 19(7) shall be credited by each Member State in accordance with Article 47(1).