Funding plan
Article 4
1. The funding plan shall fix an indicative target for the funds to be raised through borrowing operations and managed through debt management operations, which shall cover as a rule a period of six months. 2. The funding plan shall indicate the planned borrowing operations and, as the case may be, debt management operations and liquidity management operations, to be carried out under the diversified funding strategy. Within the framework set out in the annual borrowing decision and taking into account the factors referred to in Article 3(3) and financial conditions in the primary and secondary market, the funding plan shall include, inter alia, the following parameters: (a) the maximum expected amount of short-term and long-term funding for the period; (b) the weighted maximum average maturity of long-term funding to be undertaken; (c) if appropriate, the maximum outstanding amount of own issuances which can be held on the Commission’s own account and made available to counterparties through repurchase transaction to support the secondary market in Union securities or to mobilise short-term funding; (d) if appropriate, an indicative amount or range, reflecting funding and disbursement planning at the time of adoption of the funding plan, to be invested through money market instruments throughout the funding semester in accordance with Article 8. When establishing the funding plan, the opinion of the Chief Risk Officer referred to in Article 20(2)(a) shall be duly taken into account. 3. The funding plan shall be adopted before the commencement of the period covered by it. 4. The funding plan may be amended in case of substantial change to one or more factors referred to in Article 3(3). 5. On the basis of the adopted funding plan, the Commission shall inform the European Parliament and the Council.