Macro Financial Assistance

La demande est réussie.

Dear Economic and Financial Affairs (ECFIN),

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

What are the estimated yearly values of new Macro Financial Assistance over the period 2014-2020?

What are the values of the yearly repayments of previously agreed Macro Financial Assistance over the period 2014-2020?

These values would have been used to forecast payments to the Guarantee Fund for External Actions.

Yours faithfully,

Jack Dissold

Affaires économiques et financières

1 Attachment

Dear Sir,

 

Thank you for your email dated 26/02/2014.

 

We hereby acknowledge receipt of your application for access to documents,
which was registered on 05/03/2014 under reference number GestDem
2014/1267

 

In accordance with Regulation (EC) No 1049/2001 regarding public access to
European Parliament, Council and Commission documents, your application
will be handled within 15 working days.

 

The time limit will expire on 26/03/2014. In case this time limit needs to
be extended, you will be informed in due course.

 

Yours faithfully,

 

 

S. van Ackere

Policy officer
 
[1]cid:image001.png@01CF1C26.A94155C0
European Commission
Directorate-General for Economic and Financial Affairs
R.3: Evaluation, internal control, business continuity and document
management

 

 

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Affaires économiques et financières

3 Attachments

Dear Sir,

 

We refer to your e-mail dated 26/02/2014 in which you make a request for
access to documents, registered on 05/03/2014 under the above mentioned
reference number.

 

As you probably know, Macro-Financial Assistance (MFA) takes the form of
grants or medium/long-term loans.

 

These two forms of assistance are covered by two different budget lines,
both under Heading 4 "Global Europe" of the Multiannual Financial
Framework (MFF) 2014-2020.

 

The first budget line, called "Macro-Financial Assistance" covers MFA
grants. In the latest version of the Financial Programming 2014-2020
(annex 1), the total budget available for MFA grants over this period
amounts to €518.3 million. Budget available per year is indicated in the
attached document.

 

MFA loans are covered in the budget line "Guarantee Fund for external
actions", which covers MFA loans, but also Euratom loans and, most
importantly EIB loans. In fact, to provide a MFA loan, the EU borrows the
funds in capital markets and lends them on to beneficiary countries, under
the same financial terms as those obtained by the EU. The mission of the
Guarantee Fund is mostly (i) to pay the EU creditors in the event of a
default by a beneficiary of a MFA or EURATOM loan, and (ii) to pay the EIB
in case of a default by a beneficiary of a EIB loan. In short, the
Guarantee Fund functions as follows: it must maintain financial resources
(called "the target amount") representing 9% of the EU's total liabilities
under MFA and Euratom loans, and EIB loans provided to third countries,
increased by any unpaid interest. The provisioning of the Guarantee Fund
takes place once a year, and the amount of the provisioning notably
depends on (i) new loan disbursements, (ii) repayment of outstanding
loans, (iii) possible defaults on MFA/Euratom/EIB loans, (iv) amounts
recovered from previously defaulted loans, (iv) interest earned on the
invested resources of the Guarantee Fund.

 

In the latest version of the Financial Programming 2014-2020 (attached),
the total budget available for provisioning of the Guarantee Fund over
this period is € 1,193 million. Budget available per year is indicated in
the document. Since, as explained above, the amount provisioned each year
is an aggregate amounts that depends on several variables which can change
quickly and in both directions (meaning that a new provisioning is
required, or on the contrary that funds from the Guarantee Fund can be
paid back to the EU budget), it is not possible to indicate how much of
the yearly budgeted provisioning needs would be attributed to MFA
operations.

 

As regards future repayments of MFA loans, the attached table (annex 2)
details the repayment schedule of currently outstanding MFA loans, year by
year.

 

You may find additional information on [1]MFA and the functioning of the
[2]Guarantee Fund on our webpages.

 

You may reuse the documents requested free of charge for non-commercial
and commercial purposes provided that the source is acknowledged, that you
do not distort the original meaning or message of the documents. Please
note that the Commission does not assume liability stemming from the
reuse.

 

 

Yours faithfully

 

 

S. van Ackere

Policy officer
 
[3]cid:image001.png@01CF1C26.A94155C0
European Commission
Directorate-General for Economic and Financial Affairs
R.3: Evaluation, internal control, business continuity and document
management

 

 

 

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