the maximum annual amount of long-term funding based on multiannual schedule of expected disbursements under the programmes and of refinancing needs;

the maximum outstanding amount of short-term funding, including through the issuance of EU-Bills;

the maximum final outstanding amount per issuance reflecting the concentration risk at maturity;

the maximum average maturity of long-term funding;

if appropriate, the maximum outstanding amount of own issuances which can be held on the Commission’s own account and made available to counterparties through repurchase transactions, to support the secondary market in Union securities or to mobilise short-term funding;

authorisation of liquidity management operations through the use of money market instruments as referred to in Article 8.

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

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;

the compatibility with the limits set out in Council Decision (EU, Euratom) 2020/2053 ( 7 ) and, as appropriate, Council Regulation (EU, Euratom) 2020/2093 ( 8 ), 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;

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

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

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

the maximum expected amount of short-term and long-term funding for the period;

the weighted maximum average maturity of long-term funding to be undertaken;

if appropriate, the maximum outstanding amount of own issuances which can be held on the Commission’s own account and made available to counterparties through repurchase transaction to support the secondary market in Union securities or to mobilise short-term funding;

if appropriate, an indicative amount or range, reflecting funding and disbursement planning at the time of adoption of the funding plan, to be invested through money market instruments throughout the funding semester in accordance with Article 8.

borrowing operations and debt management operations may be conducted on the primary market, on the secondary market and on money markets;

borrowing operations shall be organised through a set of individual borrowings of different maturities, ranging from short-term to long-term funding;

borrowing operations may be organised through a mix of syndicated transactions, auctions, non-competitive auction allocations and private placements, in all cases relying on the services of credit institutions and investment firms who are members of the primary dealer network established under Implementing Decision (EU) 2023/1602;

the resulting debt may be rolled-over for the sake of maturity management;

cash flow mismatches and liquidity risk shall be managed through measures of debt management operations and liquidity management;

interest rate risk and other financial risks may be managed through debt management operations as described in paragraph 2.

the investment objectives;

the applicable benchmarks, where relevant;

the maximum duration of cash holdings and investments;

the eligibility criteria for the selection of counterparties to transact with;

the eligible money-market instruments;

the requirements for the eligibility of assets that may be purchased and/or accepted as collateral.

negotiating, reviewing and signing of agreements with public or private credit institutions and national or international central securities depositories required for the conclusion of transaction settlement;

reviewing, amending, changing, redrafting and finalising the borrowing documentation, including the documentation under the Debt Issuance Programme;

establishing arrangements and rules for the organisation of auctions and non-competitive auction allocations, including agreements with external providers of systems and constant oversight of the performance of auctions;

implementing individual borrowing transactions through syndicated transactions, auctions, non-competitive auction allocations, and private placements;

calculating costs incurred in accordance with the methodology to be laid down by the Commission in specific guidelines to be charged to the Union’s budget and to the beneficiary countries in the context of lending operations;

establishing arrangements and negotiating, reviewing and signing of agreements, including agreements with counterparties and trading system providers, required for conducting the following transactions and instruments:

carrying out secondary market transactions, unsecured and secured money market transactions, including those referred to in points (f)(i) and (ii) above;

setting up of any organised systems or procedures needed for liquidity management operations;

establishing and managing the electronic system for the communication and updating of information on projected disbursements needs referred to in Article 5(4).