council regul ec euratom octob establish guarante fund extern action council european union regard treati establish european commun articl thereof regard treati establish european atom energi commun articl thereof regard propos commiss regard opinion european parliament regard opinion court auditor gener budget european commun expos increas financi risk result guarante cover loan countri european council decemb conclud consider prudent budgetari manag financi disciplin call establish financi mechan guarante fund set order cover risk relat loan guarante cover loan grant countri project execut countri meet establish guarante fund drawn pai commun creditor direct institut agre pursuant interinstitut agreement octob enter budget reserv relat lend guarante oper benefit countri mechan exist honour guarante activ draw provision cash resourc provid articl council regul eec euratom implement decis eec euratom system commun resourc guarante fund constitut gradual payment resourc fund subsequ receiv interest invest resourc amount recov default debtor fund honour guarante refer practic intern financi institut ratio guarante fund resourc guarante liabil princip increas unpaid interest due adequ payment guarante fund equal amount oper attain target amount arrang make payment defin target amount attain provis rate review guarante fund exce target amount surplu paid back gener budget european commun financi manag guarante fund entrust european invest bank eib financi manag fund subject audit court auditor accord procedur agre court auditor commiss european invest bank treati provid power pursuant articl ec treati articl eaec treati adopt regul adopt regul articl guarante fund hereinaft refer fund establish resourc repai comun creditor event default beneficiari loan grant guarante commun lend guarante oper refer paragraph hereinaft refer oper carri benefit countri purpos financ project countri articl fund endow payment gener budget european commun pursuant articl interest fund resourc invest amount recov default debtor fund honour guarante articl fund rise level hereinaft refer target amount target amount commun total outstand capit liabil aris oper increas unpaid interest due end year target amount exceed surplu paid back special head statement revenu gener budget european commun articl payment provid indent articl equival capit oper fund reach target amount provis rate review fund reach target amount case end payment fund made accord arrang annex articl result activ guarante default resourc fund stand target amount rate provis oper rais target amount reach default occur target amount reach amount drawn activ guarante fulli restor result activ guarante major default resourc fund fall target amount commiss submit report except measur requir replenish fund articl commiss entrust financi manag fund eib commun behalf articl commiss march financi year send european parliament council court auditor annual report situat fund manag thereof previou year articl revenu expenditur account balanc sheet relat fund attach commun revenu expenditur account balanc sheet articl commiss decemb submit comprehens report function fund articl regul enter forc seventh dai public offici journal european commun articl appli oper decid commit januari regul bind entireti directli applic member state luxembourg octob council presid kinkel oj oj oj oj regul amend regul ec euratom page offici journal annex arrang payment stipul indent articl payment fund made accord arrang set paragraph depend oper concern commun borrow lend oper guarante financi bodi made tranch cover commun borrow lend oper guarante financi bodi framework facil spread number year micro econom structur purpos oper refer point comiss start procedur make payment fund council formal adopt basic decis amount paid fund calcul basi total amount oper decid council oper refer point payment fund made annual tranch calcul basi annual amount financi statement attach commiss propos adapt light council decis commiss start procedur make payment fund council formal adopt basic decis begin financi year oper program current financi year subsequ financi year commiss start payment procedur begin financi year year amount paid fund correct differ record decemb previou year estim basi previou payment actual figur loan sign year differ relat previou year give rise payment year start payment procedur commiss check situat regard perform oper subject previou payment commit deadlin origin laid met propos acount calcul payment made start financi year oper oper decid council januari commiss start procedur make payment fund entri forc regul accord arrang set preced paragraph exampl type oper loan balanc payment countri guarante grant consortium commerci bank financ purchas food product countri exampl type oper euratom loan countri guarante grant eib loan develop countri latin america asia dclaa central eastern european countri ceec