EU guarantee definition

EU guarantee means an overall irrevocable, unconditional and on demand budgetary guarantee provided by the Union budget under which the budgetary guarantees in accordance with Article 219(1) of the Financial Regulation take effect through the entry into force of individual guarantee agreements with implementing partners;

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EU guarantee means an overall guarantee provided by the Union budget under which the budgetary guarantees in accordance with [Article 219(1) of the [Financial Regulation] take effect through the signature of individual guarantee agreements with implementing partners;

EU guarantee has the meaning given to it in Recital (11).

Examples of EU guarantee in a sentence

• The remuneration for the EU guarantee shall be linked to the characteristics and risk profile of the financial products, taking into account the nature of the underlying financing and investment operations and the fulfilment of the policy objectives targeted by the financial products.

• No administrative costs or fees related to the implementation of financing and investment operations under the EU guarantee shall be due to the implementing partner by the Commission unless the nature of the policy objectives targeted by the financial product to be implemented and the affordability for the targeted final recipients or the type of financing provided allow the implementing partner to duly justify to the Commission the need for an exception.

• In addition, a guarantee agreement shall provide that any amount due to the implementing partner that relates to the EU guarantee shall be deducted from the overall amount of remuneration, revenues and repayments due by the implementing partner to the Union from financing and investment operations covered by this Regulation.

• A scoreboard of indicators (the ‘Scoreboard’) shall be established to ensure that the Investment Committee is able to carry out an independent, transparent and harmonised assessment of requests for the use of the EU guarantee for financing or investment operations proposed by implementing partners.

• In addition, the implementing partner may use the EU guarantee to meet the relevant share of any recovery costs in accordance with Article 16(4), unless those costs have been deducted from recovery proceeds.

• The implementing partner shall have appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk- bearing capacity to it.

• By way of derogation from the first and fourth subparagraphs of Article 209(3) of the Financial Regulation, any revenues, repayments and recoveries from financial instruments established by programmes referred to in Annex IV to this Regulation may be used for the provisioning of the EU guarantee under this Regulation, taking into account Article [4] of Regulation [the public sector loan facility].

• The remuneration for the EU guarantee may be reduced in duly justified cases referred to in Article 12(2).

• The Commission shall conclude a guarantee agreement with each implementing partner on the granting of the EU guarantee up to an amount to be determined by the Commission.

• A guarantee agreement shall also provide that remuneration attributable to the Union from financing and investment operations covered by this Regulation is to be provided after the deduction of payments due upon calls on the EU guarantee.

More Definitions of EU guarantee

EU guarantee means the EU guarantee as defined in Article 2(2) of the InvestEU Regulation;

EU guarantee means the guarantee set out in Part C;

EU guarantee has the meaning given to it in Recital (1). “EURIBOR” has the meaning given to it in Schedule A. “EUR” and “euro” mean the lawful currency of the Member States of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.

EU guarantee means the part of the EU guarantee which is provisioned from [Member State]’s Contribution from Funds under Shared Management [and the Cash Contribution] and which covers financing and investment operations implemented under the Member State Compartment defined in this Contribution Agreement in line with Article [2(1)(2)] of the InvestEU Regulation;