Chapter 2, Section 1, Article 3, Paragraph 3. · Commission Implementing Decision (EU, Euratom) 2023/2825

Contents

3.The following factors shall be taken into consideration for the preparation of the annual borrowing decision:

(a)the requirements stemming from the underlying basic acts, in particular basic acts referred to in Article 220(1) of the Financial Regulation;

(b)the payment obligations to service outstanding debt and repayment of the principal, in accordance with the annual work programme and taking into account the financial programming;

(c)the compatibility with the limits set out in Council Decision (EU, Euratom) 2020/2053^note and, as appropriate, Council Regulation (EU, Euratom) 2020/2093^note, and with the limits of maximum duration or maximum average maturity set out in the underlying basic act. In respect of NGEU, those limits shall be those set out in Article 6 of Decision (EU, Euratom) 2020/2053 for the additional own resources ceiling of 0,6 percentage points of the Member States’ GNIs, and, for the case of planned repayment of borrowing from the Union’s budget, with the limit set out in Article 5(2), third subparagraph, of that Decision;

(d)the loan maturities set out in the loan agreements concluded between the Commission and the beneficiary country;

(e)multiannual schedule of disbursements under the relevant policy programmes and of refinancing needs taking into account broader supply and demand considerations;

(f)other factors relevant for the determination of the borrowing and debt management operations.