Commission report to the budgetary authority on guarantees covered by the general budget - situation at 31 December 2003.

Abstract

Exlanatory notes on the sisuation ofmrisks covered by the community budget. The purpose of Tables is to show the outstanding amount of guarantees and annual repayments of capital and interest in respect of borrowing and lending operations for which the risk is covered by the Community budget. The figures show the maximum possible risk for the Community in respect of these operations and must not be read as meaning that these amounts will actually be drawn from the budget. In the case of Table A3, in particular, it is not certain that all the operations described will actually be disbursed.1.1.1. Authorised ceiling (Table A1) This is the aggregate of the maximum amounts of capital authorised (ceilings) for each operation decided by the Council. In order to relate it to the risk which the budget might have to cover, account should be taken of the following factors which could affect it: Factor increasing the risk: •the interest on the loans must be added to the authorised ceiling. Factors reducing the risk: •limitation of the guarantee given to the EIB: