REPORT FROM THE COMMISSION - Financial statements of the European Coal and Steel Community at 31 December 2000 and ECSC Financial Report 2000

COMMUNICATION FROM THE COMMISSION

Financial statements of the European Coal and Steel Community at 31 December 2000

In accordance with the undertakings given by the Commission on behalf of the ECSC with regard to its borrowing activities, the following financial statements, drawn up in conformity with Article 45c of the Treaty establishing the ECSC, have been published:

- the balance sheet of the European Coal and Steel Community at 31 December 2000;

- the profit-and-loss accounts for the year ending 31 December 2000;

- the allocation of the surplus for the year ending 31 December 2000;

- the notes relating to the financial statements at 31 December 2000.

These financial statements are accompanied by the report of the Court of Auditors, as provided for under Article 45c of the ECSC Treaty.

REPORT FROM THE COMMISSION

E C S C 2000 FINANCIAL REPORT

Contents // Activity report

// Expiry of the ECSC Treaty

// Developments in the ECSC sector

// ECSC lending and guarantee operations

// ECSC borrowings operations

// Other ECSC activities

// Out-turn of the ECSC operating budget

// Report by the Court of Auditors of the European Communities on the financial statements of the European Coal and Steel Community at 31 December 2000

// ECSC financial statements

// Balance sheet at 31 December 2000

// Profit-and-loss account for the year ending 31 December 2000

// Allocation of the surplus for the year ending 31 December 2000

// Notes to the above financial statements

// Annexes

// Main characteristics of borrowings outstanding at 31 December 2000

// Operations under the ECSC operating budget

ECSC

// The European Coal and Steel Community was established under the Treaty signed in Paris on 18 April 1951 by Belgium, the Federal Republic of Germany, France, Italy, Luxembourg and the Netherlands. The Treaty entered into force in 1952 for a period of fifty years and will expire on 23 July 2002. Denmark, Ireland and the United Kingdom became members of the ECSC on 1 January 1973, Greece on 1 January 1981, Spain and Portugal on 1 January 1986, and Austria, Finland and Sweden on 1 January 1995. The fifteen member countries are referred to hereinafter as the "Member States".

Commission // The European Commission exercises the powers and responsibilities devolving upon the former High Authority in accordance with the rules laid down by the ECSC Treaty.

// At 31 December 2000, the members of the Commission were:

// Mr Romano Prodi President

// Mr Neil Kinnock Vice-President

// Mrs Loyola de Palacio Vice-President

// Mario Monti Member

// Franz Fischler Member

// Erkki Liikanen Member

// Frits Bolkestein Member

// Philippe Busquin Member

// Pedro Solbes Mira Member

// Poul Nielson Member

// Günter Verheugen Member

// Chris Patten Member

// Pascal Lamy Member

// David Byrne Member

// Michel Barnier Member

// Viviane Reding Member

// Michaele Schreyer Member

// Margot Wallström Member

// Antonio Vitorino Member

// Anna Diamantopoulou Member

// The lending/borrowing and ECSC investments sectors are the responsibility of Mr Pedro Solbes Mira.

Directorate-

General for

Economic and

Financial Affairs // The ECFIN Directorate-General - Financial Operations Service (FOS) conducts the ECSC's main financial operations under the authority, at 31 December 2000, of Mr Giovanni Ravasio, Director-General of DG ECFIN, and Mr Paul Goldschmidt, Director of the FOS

Address // European Commission

// ECFIN Directorate-General - Financial Operations Service

// Centre Wagner

// Rue Alcide De Gasperi

// L - 2920 LUXEMBOURG

// Tel. (352) 4301-1

// Fax (352) 43 63 22

// Internet: registry@cec.eu.int

EURO // Article 121 of the Treaty establishing the European Community laid down 1 January 1999 as the starting date for the third phase of economic and monetary union. On 3 May 1998 a Council meeting of the Heads of State or Government confirmed that Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland met the conditions required for adopting the single currency, the euro, from 1 January 1999. Greece joined this group of countries on 1 January 2001. On 31 December 1998 [1] (19 June 2000 for the Greek drachma [2]), the Council fixed irrevocably the conversion rates between the euro and the currencies of the Member States which were to adopt it:

[1] Council Regulation (EC) N° 2866/98, OJ L 359, 31.12.1998.

[2] Council Regulation (EC) N° 1478/00.

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// The euro exchange rates for the currencies of the other EU countries and some non-member countries are given on page ...

Activity Report

Expiry of the ECSC Treaty

With a view to the expiry on 23 July 2002 of the ECSC Treaty under the terms of Article 97, a wide-ranging debate was launched in the early 1990s involving all the interested parties: Member States, Council, Commission, ECSC Consultative Committee, European Parliament, and the industries concerned. In theory, several options were available: renewal of the Treaty, expiry of the Treaty immediately or as scheduled, or a compromise scenario.

In view of the foreseeable developments in the sectors concerned, it was soon decided that the ECSC Treaty should expire as scheduled and that the coal and steel sectors should be placed under the ordinary regime set up by the Treaty establishing the European Community [3].

[3] See in particular the Commission Communication entitled "The future of the ECSC Treaty" SEC(91)407 final, 15.03.1991.

Already in 1992, the Commission suggested [4], the gradual incorporation ("phasing in") of the coal and steel sectors into the Treaty establishing the European Community, and put forward a possible scenario for phasing out budgetary expenditure by 2002. This scenario was updated to incorporate the proposed reduction of the levy and the release of the ECSC reserves as a result of the reduction in borrowing/lending activity [5].

[4] "Future of the ECSC Treaty - financial activities" (SEC(92)1889 final) of 18 November 1992.

[5] Communication entitled "The future of the ECSC Treaty - borrowing/lending activities" - COM(93)512 final.

In its resolution on growth and employment, the Amsterdam European Council invited the Commission to make "appropriate proposals to ensure that upon expiry of the ECSC Treaty in 2002 the revenue from outstanding reserves would be used for a research fund for sectors related to the coal and steel industries". This was in line with the wishes already expressed by the European Parliament, the ECSC Consultative Committee and the two industries, which, through their levy payments have provided most of the ECSC assets. Already in 1997, the Commission suggested an overall approach along the lines proposed by the Amsterdam European Council.

On this basis, in their Resolutions of 20 July 1998 and 21 June 1999, the Council and the Representatives of the Governments of the Member States [6] recognised the justification for this approach and stressed the excellent results of research funded by the ECSC. They also recognised the important contribution made by these activities to the improvement of the competitiveness and social conditions in the coal and steel industries.

[6] OJ C 247, 07.08.1998, OJ C 190, 07.07.1999.

On the basis of the Council's resolutions, the Commission proposed draft decisions to the Council on winding up the ECSC and the use of the ECSC's assets after its liquidation [7].

[7] COM(2000) 518 - 520 final (OJ C 29, 31.01.2001).

In the meantime, the Nice European Council decided to annex to the Treaty of Nice a Protocol on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel. It was decided that, on the expiry of the Treaty, all assets and liabilities of the ECSC would be transferred to the European Community on 24 July 2002. The net worth of these assets and liabilities is to be considered as assets intended for research in the sectors related to the coal and steel industries. The revenue from these assets is to be used exclusively for research in the sectors related to the coal and steel industry.

Developments in the ECSC sector

Coal industry

Coal

Deliveries

Inland coal deliveries in the Member States in 2000 totalled 242.9 million tonnes, which was some 10 million tonnes less (-4.0%) than the 1999 figure of 253 million tonnes. The high oil prices did little to slow the downward trend, despite the fact that sustained economic growth in the EU resulted in increased energy demand.

The 2000 data by sector show that deliveries to power stations totalled 164.5 million tonnes, which was 5.2% less than the 1999 figure of 173.4 million. Deliveries declined considerably in Denmark, France and Portugal and to a lesser extent in the United Kingdom, while they increased slightly in Sweden and Ireland and remained relatively stable in the other countries.

In 2000 the volume of deliveries to coking plants remained very much the same at just over 48 million tonnes. "Other" industries appear to be following the same trend, with deliveries totalling approximately 13 million tonnes, while the domestic sector (including issues to workers), where deliveries were 5.1 million tonnes (compared with 6 million in 1999), saw a drop of 15.8%.

It is forecast that there will be a moderate decline in total inland deliveries in the Member States in 2001 and that the growth in imports will not offset the drop in production.

Production

Coal production in the Member States has continued to decline owing to the high cost of domestic production compared with imported coal, which is available at very low prices despite the increase in the last quarter. In 2000 production is expected to be about 85.4 million tonnes, compared with 99.9 million in 1999, i.e. down by almost 15 million tonnes or 15%.

Forecasts for annual production in 2001 show a continuing decline in indigenous production. Total production is expected to fall to approximately 77 million tonnes, representing a further drop of 9%, which will affect Germany in particular.

Imports

In 2000 imports from non-EU countries were estimated at 153.6 million tonnes, which is much the same as in 1999 and represents over 60% of total availability in the Member States. The purchasing policies of coal importers continued to be reflected in changes in the sources of supply. With plenty of coal available on the market, there has been a trend in recent years to buy coal on a spot basis, moving away from long-term contracts, particularly for steam coal. The New York Mercantile Exchange (Nymex) thus intends to launch in March a futures contract for steam coal. The pattern of supplier countries is basically unchanged, with South Africa remaining the leading exporter to Europe with about 35 million tonnes, followed by Australia with about 25 million. In all, these two countries supplied more than a third of EU coal imports in 2000.

It is forecast that imports in 2001 will be approximately 160 million tonnes, slightly up on 2000.

Coke

In 2000, total coke production in the Member States was 37.5 million tonnes, compared with 36.8 million in 1999.

Inland deliveries totalled 43.2 million tonnes in 2000, of which 39 million, or over 90%, went to the steel industry. This compares with 43.1 million tonnes in 1999. Coke imports from non-EU countries were 6.6 million tonnes in 2000 and are not expected to change in 2001.

It is forecast that coke production will fall to 35.8 million tonnes in 2001 owing to the closure of a plant in Germany.

State aid

Public aid to the coal industry is governed by Commission Decision N° 3632/93/ECSC [8] of 28 December 1993, which lays down the Community rules applicable until the expiry of the ECSC Treaty in July 2002. Such aid can be regarded as compatible with the proper functioning of the common market only if it helps to achieve at least one of the following objectives:

[8] OJ L 329, 30.12.1993, p. 12.

- to make, in the light of coal prices on international markets, further progress towards the economic viability of this sector with the aim of reducing aid;

- to solve the social and regional problems created by total closure or reductions in the activity of production units;

- to help the coal industry adjust to environmental protection standards.

The main points regarding 2000 are as follows:

1. On 20 September 2000, the Commission authorised [9] France to grant financial aid to the coal industry for the financial years 1997, 1998 and 1999 totalling EUR 2 939.4 million (FRF 19 374 million), of which EUR 1 109.1 million (FRF 7 311 million) was for current production (1997: EUR 371.1 million; 1998: EUR 383.7 million; 1999: EUR 354.3 million), while EUR 1 830.3 million (FRF 12 063 million) went to cover inherited liabilities (1997: EUR 585.1 million; 1998: EUR 614.9 million; 1999: EUR 630.4 million).

[9] Decision 2001/85/ECSC; OJ L 29, 31.01.2001, p. 45.

2. On 20 September 2000, the Commission authorised [10] France to grant financial aid to the coal industry for the financial year 2000 totalling EUR 1 010.2 million (FRF 6.627 million), of which EUR 389.6 million (FRF 2 556 million) was for current production, while EUR 620.6 million (FRF 4 071 million) went to cover inherited liabilities.

[10] Decision 2001/58/ECSC; OJ L 21, 23.01.2001, p. 12.

3. On 13 December 2000, the Commission authorised Spain [11] to grant financial aid for the financial year 2000 totalling EUR 1 121.1 million (ESP 185 541 million), of which EUR 698.3 million (ESP 116 180 million) was for current production, while EUR 422.9 million (ESP 70 361 million) went to cover inherited liabilities.

[11] Decision 2001/162/ECSC; OJ L 58, 28.02.2001, p. 24.

4. On 21 December 2000, the Commission authorised Germany [12] to grant financial aid to the coal industry for the financial years 2000 and 2001 totalling EUR 8 672.6 million (DEM 17 309 million), of which EUR 6 235.5 million (DEM 12 445 million) was for current production, while EUR 2 437.1 million (DEM 4 864 million) went to cover inherited liabilities.

[12] Decision not yet published.

5. On 13 December 2000, the Commission authorised the United Kingdom [13] to grant financial aid for the financial year 2000 totalling EUR 28.65 million (£ 17.5 million) for current production at the Longannet production unit.

[13] Decision not yet published.

6. On 14 February 2001, the Commission authorised the United Kingdom [14] to grant financial aid for the financial year 2000 totalling EUR 96.9 million (£ 59.1 million) for current production at the following production units: Maltby, Rossington, Harworth, Selby, Hatfield and Blenkinsopp.

[14] Decision not yet published.

7. On 11 April 2001, the Commission authorised the United Kingdom [15] to grant financial aid for the financial year 2000 totalling EUR 17.1 million (£ 10.4 million) for current production at the following production units: Betws Colliery, Central Surface Mines, North-East Surface Mines, East Pit Extension, Hay Royds Colliery, Eckington Colliery, Tower Colliery, Elwyn Complex and Blaentillery No 2.

[15] Decision not yet published.

8. During the year under review there were no new legal disputes. Ongoing cases are summarised below.

a) Complaints

On 26 August 1997, the Commission received a complaint (ref. 97/4717) from five French companies [16], including Thion et Cie, against the public company Charbonnages de France concerning the alleged misuse of State aid it had received. On 20 January 1999, not having concluded that the complaint was manifestly unfounded, the Commission sent the French Government a letter of formal notice [17] in accordance with Article 88 of the ECSC Treaty concerning the State aid paid since 1994, i.e. aid granted for the financial years 1994, 1995 and 1996, regularly authorised by the Commission [18], and the aid for the financial years 1997 and 1998. The French Government replied by letter of 8 April 1999. For these reasons, the Commission, while authorising the State aid, postponed its decision on the amounts of 35 million French francs for 1997 and 45 million French francs for each year from 1998 to 2000.

[16] Thion & Cie, Maison Balland Brugneaux, Société Nouvelle Vinot Postry, Etablissements Lekieffre, Charbogard.

[17] OJ C 99, 10.04.1999, p. 9.

[18] Decision 95/465/ECSC (financial year 1994); Decision 95/579/ECSC (financial year 1995); Decision 96/458/ECSC (financial year 1996).

b) Applications

A UK company, RJB Mining Plc, lodged applications with the Court of First Instance of the European Communities against certain Commission Decisions, viz.:

- Case T-156/98 concerning the Decision of 29 June 1998 authorising the acquisition by RAG AG of Saarbergwerke AG and Preussag Anthrazit GmbH. On 31 January 2001, the Court of First Instance annulled the above-mentioned decision on the grounds that the Commission had not thoroughly examined the effects which any non-notified State aid would have on the companies' financial and commercial position. The applicant claimed that this qualified as aid because the symbolic acquisition price of 1 German mark did not reflect the true value of the industrial activities purchased [19].

[19] The Commission sent the German Government a letter of formal notice on this matter on 4 February 2000. The German Government replied on 5 May 2000 and maintained that the operation did not involve any additional State aid to that notified annually. An independent expert report by the company ING-BARINGS was submitted in support of this claim.

- Case T-12/99 concerning Decision 99/270/ECSC of 2 December 1998 on the authorisation of State aid to the German coal industry for 1998. The case is currently being examined by the Court of First Instance.

- Case T-63/99 concerning Decision 99/299/ECSC of 22 December 1998 on the authorisation of State aid to the German coal industry for 1999. The case is currently being examined by the Court of First Instance.

- Case T-170/99 concerning Decision 99/451/ECSC of 4 May 1999 on the authorisation of State aid to the Spanish coal industry for 1999. The case is currently being examined by the Court of First Instance.

- Case T-110/98 concerning Decision 98/687/ECSC of 10 June 1998 on the authorisation of State aid to the German coal industry for 1997. On 9 September 1999, the Court found against the applicant on two matters of law concerning the annulment of the decision. The applicant lodged an appeal with the Court of Justice. The appeal was recorded as Case C/427/99-P [20] and is currently being examined by the Court of Justice.

[20] OJ C 20, 22.01.2000, p. 14.

- Case T-111/98 concerning Decisions 98/635/ECSC, 98/636/ECSC and 98/637/ECSC of 3 June 1998 on the authorisation of State aid to the Spanish coal industry for 1994, 1995, 1996, 1997 and 1998. The case is currently being examined by the Court of First Instance.

Iron and steel industry

Failing any clear signs that the trend is being reversed in the main steel-consuming industries, except for some possible levelling-off in the construction sector and a slight fall in activity in the car industry, demand for steel should normally remain steady during the months ahead, thus guaranteeing that production stays at satisfactory levels.

However, it is not impossible that the need for adjustment to the currently high stock levels throughout the economic chain might lead to a slowdown in orders and, thus, to a gradual weakening in steel production, although this ought to stabilise at a very satisfactory level, at least in the short term.

Community steel production will have reached 155 million tonnes for 1999, as a result of some ground gained in the last quarter; consequently, production will be only 2.9% down on the absolute production record achieved in 1998. Since the beginning of 2000, monthly statistical surveys reveal a marked improvement in the level of crude steel production, giving an overall increase for the first six months of around 8% over the same period in 1999. The trend for the third quarter, however, was far slower, with the growth in total Community steel production for the first nine months of 2000 down 5.6% on the same period in 1999. It is therefore expected that the Union's total steel production for the whole of 2000 will exceed the 159 million tonnes announced in the previous forecast and could even reach the record level of 162 million tonnes, which would be an increase of 4% over the level achieved in 1999, and would ensure that very high capacity utilisation rates for that year are maintained.

Furthermore, in the main Member States, these statistics show steel production up sharply during the same period in Germany (+13%), healthy increases in Italy (+7.8%), France (+5.7%) and Spain (+4.8%), but a fall of 7.7% in the United Kingdom.

The sustained bullish mood in the business sector within the Union, fuelled by the good economic prospects and a continuing favourable international environment, suggest that that there will be no significant developments in steel consumption in 2001. Hence, in anticipation of a certain shrinkage in imports, and given an actual temporary weakening of demand partly as a result of de-stocking, Community steel production in 2001 should be of the order of 162 million tonnes. This volume would be a mere 0.3% down on the production for 2000.

This outlook should not, however, lead us to ignore the danger of an unforeseeable reversal in recent trends, which may even be exacerbated by other particularly disruptive parallel phenomena, as witnessed not so long ago.

Consequently, despite its excellent level of competitiveness, the Community steel industry must remain vigilant, so as to be able to react quickly to the slightest movements in the Community steel market and thus contain their adverse consequences as effectively as possible. Other factors must also be considered, such as uncertainty about the trend in energy prices, the fact that capacity utilisation is reaching its limits and the serious difficulties in recruiting skilled labour.

As regards production capacities, the maximum production potential (MPP) for raw steel is forecast to increase to 205.8 million tonnes in 2002, after bottoming out at 199.9 million tonnes, which corresponds to a growth rate of 1.8 million tonnes/year, of which 40.5% will be produced by electric-arc furnaces (EAF).

Similarly, the trend in MPP for continuous casting is set to rise until 2002, replacing the ingot process. MPP should then total 190 million tonnes, which means that over 93% of all Community steel will be continuously cast in 2002.

The MPP for hot-rolled products will increase from 180.0 million tonnes in 1999 to 186.6 million in 2003, owing mainly to greater capacity for hot wide strip. The forecasts have thus been revised slightly downwards in relation to those in the 1999 report.

Capacities for cold-rolled sheet are expected to increase to about 61.5 million tonnes. The same applies to the MPP for metal-coated sheet, particularly by the hot-dip process, which is tending to replace uncoated sheet.

ECSC lending and guarantee operations

General trend in 2000

In June 1994 [21], in view of the expiry of the ECSC Treaty in July 2002, the Commission readjusted its borrowing/lending policy under the Treaty. The granting of new loans out of borrowed funds was gradually reduced and ceased in the course of 1997.

[21] OJ C 175, 28.06.1994.

The financing of workers' housing came to an end with the twelfth programme. The payment of the 1998 tranche was the last under this programme. There were no payments in 1999 and 2000.

The loans granted for this purpose come from the ECSC's own funds. They are long-term loans with an interest rate of 1% per annum and are usually denominated in the currency of the recipient country.

Breakdown by Member State of loans disbursed since the inception of the ECSC

(EUR million)

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(1) Loans for financing industrial investment

(2) Conversion loans

Since the start of its financial activity, the ECSC has disbursed loans amounting to EUR 24 700 million, of which EUR 24 080 million from borrowed funds and EUR 644 million from own funds (Special Reserve and former Pension Fund).

With the guarantees granted during the same period (EUR 93 million), the total of ECSC financial activity is EUR 24 820 million.

Amounts outstanding on ECSC loans

Loans from borrowed funds

(EUR million)

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(1) Loans for financing industrial investment

(2) Conversion loans

(3) Loans for financing industrial investment in the countries of Central and Eastern Europe (CEECs) and loans for financing the construction of workers' housing

Loans from own funds

(EUR million)

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(1) Loans for financing industrial investment

(2) Conversion loans

(3) Loans for financing the construction of workers' housing

Analysis of loans outstanding by guarantee received

Loans from borrowed funds

Breakdown by country and by guarantee received

Amounts outstanding at 31 December 2000

(EUR million)

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(1) Mainly loans granted to financial institutions for on-lending to final recipients

Loans from own funds

Breakdown by country and by guarantee received

Amounts outstanding at 31 December 2000

(EUR million)

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(1) Mainly loans granted to financial institutions for on-lending to final recipients

ECSC borrowing operations

In 2000 the ECSC did not engage in any borrowing activity owing to the forthcoming expiry of the ECSC Treaty.

Its activity was confined to managing existing borrowings, which amounted to EUR 2 039.2 million at 31 December 2000 (see table below).

Total ECSC borrowings at 31 December 2000

(EUR million /rate at 31/12/00)

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Statement of consolidated debt at 31 December 2000

(EUR million)

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Other ECSC activities

Redeployment aid

[Article 56(1)(c) and (2)(b) of the ECSC Treaty]

Traditional and supplementary aid

Redeployment aid is an essential social complement to the European Union's industrial policy in the ECSC sectors. When permanent closures, cutbacks or changes in activity or, in the case of the coal industry, the introduction of new technologies or production processes, lead to job losses, the European Union endeavours to mitigate the social repercussions for the workers, mainly through redeployment measures. It thus helps to finance aid to limit income losses for the workers affected.

The aid is granted under arrangements set out in bilateral agreements and takes account of the recipients' circumstances (early retirement, unemployment, transfer, or retraining).

The average maximum amount granted per worker is EUR 3 000. However, all ECSC payments are conditional on payment by the Member State concerned of at least an equivalent contribution.

In addition to this "traditional" system of aid under Article 56(1)(c) and (2)(b) of the Treaty, the ECSC has stepped up its operations in the coal sector.

In application of its Decision of 25 June 1997 to launch a programme of supplementary social measures to accompany the restructuring of the coal industry for the period from 1998 to 2000 (social measures for steel), the Commission stepped up Community co-financing of schemes to help miners who lose their jobs as a result of restructuring: payments for early retirement, unemployment (including redundancy payments and severance grants) or redeployment (allowances for loss of earnings, mobility allowances etc.). The supplementary aid thus granted amounts to an average of more than EUR 4 000 per worker taking early retirement and EUR 2 000 for those who become unemployed or are redeployed.

In the steel sector, the supplementary programme (social measures for steel, 1993-1995) having been completed, the Commission did not earmark any additional amounts but paid out aid to which it was already committed.

The tables in the annex show the breakdown of recipients by Member State and amounts granted in 2000 in the form of "traditional" aid, aid under the supplementary "coal" programme and the cumulative situation as at 31 December for the past two years (including the supplementary "steel" programme).

Aid for steel industry research

(Article 55 of the ECSC Treaty)

1. Research and technological development

In 2000 the ECSC RTD "steel" programme was granted EUR 56 million for the funding of research and pilot/demonstration projects under Article 55 of the ECSC Treaty (aid for steel research).

The Commission selected and financed 66 research projects from the 161 proposals received and 15 pilot and demonstration projects from the 27 proposals received which were seeking financial support.

Funding for the research projects totalled EUR 44.43 million and for the pilot and demonstration projects EUR 11.34 million.

Financial aid for the research projects breaks down by domain as follows:

- reduction of iron ores: 9%, steelmaking: 23%, rolling: 23%

- properties and performance: 33%

- measurement and analyses: 12%

Financial aid for the pilot and demonstration projects breaks down by domain as follows:

- iron- and steelmaking: 6%

- continuous casting: 29%

- rolling and product treatment: 45%, on-line control: 9%

- steel structures: 11%

The main aims of these projects are to reduce production costs, improve the quality and performance of products, promote the use of steel, extend the areas of application of steel, adapt production conditions to environmental requirements, develop new processes and test innovatory applications.

2. Accompanying and support measures

These measures for supplementing or coordinating research activities are intended to increase the effectiveness of the programme.

They were allocated EUR 233 000 in 2000.

Two interprofessional meetings were thus organised: one on on-line control for rolling flat products and the other on hot rolling techniques and products.

The Commission also subsidised international events: one in France on the latest advances in steel-making technology and the other in Italy on stainless steels.

Furthermore, and again with a view to coordinating and extending contacts among researchers in order to promote and encourage the dissemination of information on the ECSC's steel programme, an "ECSC Steel Research" home page is now available on the Internet (http://www.cordis.lu/ecsc-steel/home.html), and an information bulletin entitled "Steel RTD Newsletter" is published twice annually.

Aid for coal industry research

(Article 55 of the ECSC Treaty)

In the field of technical coal research, 25 projects were granted financial support under Article 55 of the ECSC Treaty for a total of EUR 24 367 500, plus EUR 632 500 for the dissemination of the research results and associated costs.

The main aims of the projects were effective protection of the environment, raising public awareness of coal as an energy source, improving the competitive position of coal, and the rational use of Community resources. Of the total of EUR 24 367 500 of approved aid, EUR 9 379 920 (38.5%) was earmarked for research projects having a specific environmental impact and EUR 3 896 460 (16.0%) for projects relating to health and safety in mines.

The financial aid breaks down by field of research as follows:

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Out-turn of the ECSC operating budget

The breakdown of resources and expenditure in the 2000 budget is shown below.

Revenue

The High Authority (the Commission) is empowered to raise the funds needed to carry out its mandate by setting a levy on the production of coal and steel.

However, the Commission decided to keep the rate of the levy at 0% in 2000, since the provisions entered in the ECSC balance sheet at 31 December 1999 were deemed sufficient to maintain the ECSC's budgetary activity at the appropriate level until the expiry of the Treaty.

The resources used to finance the ECSC budget in 2000 came from:

- the "net balance" of financial operations, particularly interest from the investment of the cash, reserves and other provisions entered in the ECSC balance sheet;

- the cancellation of commitments which were not implemented;

- withdrawal from provision for financing the ECSC operating budget;

- miscellaneous resources.

For 2000 these types of revenue were EUR 54 million, EUR 72 million, EUR 6 million and EUR 3 million respectively.

In 2000 the revenue of the ECSC operating budget therefore totalled EUR 135 million.

Expenditure

The revenue of the operating budget is intended to cover the various types of expenditure provided for by the ECSC Treaty.

1. Administrative expenditure

The ECSC's contribution to administrative expenses is provided for in Article 50 of the ECSC Treaty and specified in Article 20 of the Merger Treaty. The Council Decision of 21 November 1997, adopted under this legislation, reduced expenditure to a flat rate of EUR 5 million per year.

2. Social aid

Under Article 56(1)(c) and (2)(b) of the ECSC Treaty, EUR 49 million was committed in 2000 to social redeployment aid for ECSC workers (traditional redeployment measures and "steel" and "coal" social measures).

Under the terms of Article 56, when permanent closures, cutbacks or changes of activity lead to job losses, the European Union endeavours, particularly through redeployment measures, to mitigate the social repercussions for the workers concerned. It also helps to finance aid to provide income support for the workers affected.

The granting of social aid is contingent upon payment by the Member State concerned of a special contribution of at least an equivalent amount.

Social aid is granted under arrangements set out in the bilateral agreements concluded with the Member States (early retirement, unemployment, transfer, retraining and vocational training).

3. Aid for research

Under Article 55 of the ECSC Treaty, EUR 81 million was committed in 2000 to aid for technical research in the steel and coal sectors.

The main aims of aid for "steel" research (EUR 56 million) are to reduce production costs, improve the quality and performance of products, promote the use of steel and develop new fields of application, and bring production conditions into line with environmental requirements.

In the field of "coal" research (EUR 25 million), the main aims are to reduce production costs, increase underground and surface productivity, improve safety and working conditions, maintain new markets and, above all, improve the utilisation of coal with a view to better protecting the environment.

Out-turn of the 2000 ECSC operating budget

(EUR million)

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Report by the European Court of Auditors

ECSC financial statements

ECSC financial statements

The ECSC's balance sheet, profit-and-loss account and statement of the allocation of profit for the year ending 31 December 2000 were submitted to the Commission for approval under written procedure N° E/xxx/2001 of ................. 2001 and are shown in this financial report as approved by the Commission.

Balance sheets at 31 December 2000

(Amounts in euros) - Before allocation of surplus

Assets

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Balance sheets at 31 December 2000

(Amounts in euros) - Before allocation of surplus

Liabilities

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Profit-and-loss account for the year

ending 31 December 2000

(Amounts in euros)

Charges

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Profit-and-loss account for the year

ending 31 December 2000

(Amounts in euros)

Income

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Allocation of the surplus for the year

ending 31 December 2000

(Amounts in euros)

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NOTES RELATING TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2000

(Amounts in euros)

A. The ECSC

The European Coal and Steel Community (ECSC) was established by the Treaty of 18 April 1951. According to the Treaty, the task of the ECSC is to contribute to the economic expansion of the Member States through the establishment of a common market for coal and steel. Since the ECSC Treaty is due to expire on 23 July 2002, the rate of the ECSC levy was reduced to zero in 1998 (Commission Decision of 23 December 1997), and the ECSC's lending activity has been virtually discontinued since July 1997 (Commission Decision of 22 June 1994). Thus most of the ECSC's funds now come from the net balance obtained in the management of the various reserves and provisions.

All ECSC assets and liabilities will be transferred to the European Community after 23 July 2002. The net value will be regarded as funds (referred to as the assets of the "ECSC in liquidation") intended for research in the sectors connected with the coal and steel industry.

B. Accounting principles and methods

1. Presentation of the financial statements

The financial statements are drawn up in accordance with generally recognised accounting principles.

The accounting principles and evaluation methods used for the items in the financial statements take account of the constraints imposed on and resolutions applicable to the ECSC under the Treaties and other ECSC-related decisions adopted by the institutions of the European Communities.

The accounting methods used also take account of the fact that the ECSC will not operate after 23 July 2002, when the ECSC Treaty expires.

They are presented in accordance with Council Directives 78/660/EEC and 86/635/EEC [22] on the annual accounts and consolidated accounts of banks and other financial institutions wherever these are applicable and subject to the above-mentioned necessary adjustments.

[22] OJ L 222, 14.08.1978; OJ L 372, 31.12.1986.

2. Conversion of foreign currency

The currency used by the ECSC for its annual accounts is the euro ("EUR").

All foreign currency transactions carried out by the ECSC are converted into euros at the monthly rate communicated by the European Central Bank.

The value of non-financial assets/liabilities is converted into euros at the monthly rate applicable on the date on which they were acquired or on which their value was last adjusted.

On the balance sheet date, financial assets/liabilities are converted into euros at the monthly rate applicable on that date. Negative differences are entered under "charges" in the profit-and-loss account, while positive differences are deferred and entered under "accruals and deferred income" on the liabilities side.

2.1 Conversion rates

The following rates have been used for converting year-end balance-sheet amounts expressed in national currency into euros:

Euro zone //

Belgian and Luxembourg francs // 40.3399

German mark // 1.95583

French franc // 6.55957

Finnish markka // 5.94573

Dutch guilder // 2.20371

Irish pound // 0.787564

Italian lira // 1936.27

Austrian schilling // 13.76030

Spanish peseta // 166.386

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2.2 At 31 December 2000, the various currencies listed above, together with the euro, made up the ECSC's balance sheet as follows (in euros):

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3. Treasury investment and valuation of bonds and other securities

The ECSC's internal prudential rules stipulate that portfolio investments are to be confined to securities issued by first-ranking entities. However in 1998, under an agreement to restructure the debt of a defaulting debtor, the ECSC exceptionally acquired shares and other variable-income securities from a private-sector company.

Bonds and other fixed-income securities and shares and other variable-income securities are valued at the average purchase price or the market value obtaining at the end of the financial year, whichever is the lower.

This principle is not applied in the case of securities considered as financial fixed assets, which are valued at the average purchase price or the redemption value, whichever is the lower.

4. ECSC operating budget

Part of the ECSC's funds are made available to the ECSC operating budget, which is adopted annually by the Commission after informing the Council and consulting the European Parliament.

The commitments entered into by the operating budget vis-à-vis third parties and the provisions for financing the operating budget are shown under the heading "ECSC operating budget" (see Note C13).

5. Fines and interest subsidies

Fines and interest subsidies whose repayment has been requested are not regarded as ECSC resources until they have actually been paid. Fines imposed but not yet paid and interest subsidies whose repayment has been requested are therefore allocated to provisions (see Note C14.3.a).

6. Presentation of comparative figures for 1999

Following a change in the presentation of the 2000 financial statements, the 1999 figures have been reprocessed to make them comparable.

C. Explanatory notes to the headings in the balance sheet and the profit-and-loss accounts

1. Balances with central banks

This item represents the ECSC's balances with central banks of certain Member States.

2. Loans and advances to credit institutions

2.1. With agreed maturity dates or periods of notice

The breakdown of the remaining time to maturity of these operations is as follows:

(EUR)

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2.2. Loans

The breakdown of the remaining time to maturity of these operations is as follows:

(EUR)

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3. Loans and advances to customers

3.1. Loans

The loans granted to credit institutions are shown under "Loans and advances to credit institutions" (see Note C2).

The other loans break down as follows:

(EUR)

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NB. Loans are generally guaranteed by Member States, banks or businesses or by mortgages.

3.2. Levy

The 1998, 1999 and 2000 levy rate was 0%, so the claims at 31 December 2000 therefore relate to previous years.

This item breaks down as follows:

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It includes in particular EUR 5 551 715 subject to legal proceedings (EUR 5 281 288 at 31 December 1999).

3.3. Fines

This item contains the Commission's claims on companies fined in accordance with the rules set out in the Treaty.

After value adjustment it amounts to EUR 38 950 716 (EUR 37 195 283 at 31 December 1999).

This item has two main components.

A fine totalling EUR 104 364 350 that the Commission imposed on steel companies for infringing the rules on competition in the marketing of steel beams (Decision 94/215/ECSC [23] of 16 February 1994). In its judgement of 11 March 1999, the Court of First Instance reduced the total fines by EUR 24 774 000 to EUR 79 590 350. EUR 50 631 350 had been paid in fines by 31 December 1999. Seven companies have lodged appeals against the judgement of the Court of First Instance.

[23] OJ L 116, 06.05.1994.

A fine totalling EUR 27 380 000 was imposed by the Commission (Decision 98/247/ECSC [24] of 21 January 1998) under Article 65 of the Treaty on steel companies for concerted agreement on the formula for calculating the alloy surcharge. Payments totalling EUR 14 740 000 have been received, while two-thirds of the companies affected by the decision have lodged appeals with the Court of First Instance.

[24] OJ L 100, 01.04.1998.

3.4. Interest subsidies to be recovered

This item comprises claims on companies in receipt of subsidised loans which the Commission has been obliged to ask to reimburse all or part of the interest subsidy already paid.

4. Bonds and other fixed-income securities

4.1. Composition

Bonds and other fixed-income securities break down as follows:

(EUR)

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4.2. Maturities in 2001

Securities in the portfolio reaching final maturity during 2001 represent the following amounts (in euros):

- Issued by public bodies: // 170 282 570

- Issued by other borrowers: // 177 832 751

Total: // 348 115 321

4.3. Financial fixed assets (see Note B.3)

Financial fixed assets are defined as securities that will remain in the portfolio until their final maturity. They comprise mainly short- or meduim-term paper and own-debt securities repurchased for servicing ECSC borrowings.

At 31 December 2000, financial fixed assets totalled EUR 48 519 675.

The redemption value of these securities is EUR 1 548 471 less than the average acquisition price.

4.4. Return on investment

Treasury investments take account of the maturity dates and liquidity requirements applicable to ECSC financial operations. They are subject to strict criteria with regard to the financial standing of the counterparty.

The return on investment (calculated by the method of the Association of Investment Management and Research) was 4.72% in 2000.

5. Shares and other variable-income securities

Shares and other variable-income securities break down as follows:

(EUR)

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These shares and other variable-income securities were received by the ECSC as part of the restructuring plan of a defaulting debtor (see Note B.3).

A part of one of these securities, representing a net value of EUR 8 287 500, was the subject of a loan contract with a credit institution (maturity date 1 July 2004 with call option 1 July 2002).

6. Land and buildings

(EUR)

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The various buildings owned by the ECSC were originally leased to the European Community. The rent paid on such leases provided a return on the funds invested by the ECSC.

Under the terms of the leases, in 1994 and 1995, the Commission repaid the outstanding principal due to the ECSC with a view to transferring ownership officially from the ECSC to the European Community.

The transfer of ownership of the buildings in Lisbon and Milan was completed in 2000.

For the ECSC, this transaction generated a capital gain of EUR 1 987 121, this being the difference between the transfer price (EUR 2 531 228) and the net book value (EUR 544 107) at the date of transfer entered under "other operating income" in the profit-and-loss account.

7. Other assets

Other assets break down as follows:

(EUR)

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8. Prepayments and accrued income

Prepayments and accrued income break down as follows:

(EUR)

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9. Amounts owed to credit institutions

The remaining time to maturity on these operations is as follows:

(EUR)

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10. Debts evidenced by certificates

This item comprises loan securities.

EUR 240 430 841 of the borrowings outstanding at 31 December 2000 is due to reach maturity during the 2001 financial year.

11. Other liabilities

Other liabilities break down as follows:

(EUR)

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(1) In accordance with the possibility offered under the decision of 11 June 1992, in the course of 1994 and 1995 the Commission had made advance payments in respect of the transfer of the buildings leased to it by the ECSC (Note C6).

12. Accruals and deferred income

Accruals and deferred income break down as follows:

(EUR)

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13. ECSC operating budget

This item comprises commitments for the operating budget totalling EUR 434 516 282 (EUR 556 154 370 at 31 December 1999) and provisions associated with financing the operating budget totalling EUR 401 000 000 (EUR 393 000 000 at 31 December 1999).

In 2000, commitments for the ECSC operating budget were as follows:

(EUR)

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The provision for financing future operating budgets(1) and the provision for budgetary contingencies(2) were as follows (EUR):

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(1) This provision was constituted by the budgetary authority when it approved the 1997 ECSC operating budget. It was prompted by the reduction of the levy to 0% from 1998 and the need to plan for the regular financing of future operational budgets until 2002.

In addition, the mechanism for financing the Coal and Steel Research Fund to be set up after 23 July 2002 provides for a system for priming and smoothing the Fund which will use this provision (Commission Decision of 6 September 2000 (COM(2000) 518 final and 519 final).

(2) This provision is intended to guarantee the planned ECSC commitments to the resources of the 2001 and 2002 operating budgets.

(3) Commission Decision N° 2749/2000 of 13 December 2000.

14. Provision for liabilities and charges

14.1. Guarantee Fund

The Guarantee Fund is intended to cover lending and borrowing operations. After allocation of EUR 12 million, the Guarantee Fund totalled EUR 565 million at 31 December 2000. This reinforcing of the Guarantee Fund is connected with the forthcoming expiry of the ECSC Treaty.

On 11 September 1996 the Commission confirmed its intention of maintaining reserves to cover 100% of those loans outstanding after 23 July 2002 which are not guaranteed by the government of a Member State. This means that the Guarantee Fund must be gradually increased to approximately EUR 572 million (calculated at the conversion rate applicable on 31 December 2000). At 31 December 2000, this coverage was 98.8% on condition that there is no default on the loans due to mature before 23 July 2002.

The Guarantee Fund increased as follows:

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14.2. Provision for major exposures

Against the background of the expiry of the ECSC Treaty in 2002 and the gradual reduction in outstanding loans, exposure is becoming increasingly concentrated on a limited number of large loans (these large exposures are defined in accordance with Directive 92/121/EEC of 21 December 1992 on the monitoring and control of large exposures).

The provision for major exposures concerns loans exceeding 25% of the ECSC's own funds which are not covered by first-rate guarantees.

It is intended to provide cover specifically for this concentration of risk and to enable the ECSC to weather any major default.

The provision, calculated on the basis of outstanding major exposures at 31 December 2000 according to a procedure recommended by a firm of international experts, totals EUR 17 million (EUR 18 million at 31 December 1999).

14.3. Other provisions

This item comprises provisions for fines and interest subsidies repayable totalling EUR 42 272 249 (EUR 41 735 261 at 31 December 1999) and other provisions totalling EUR 116 391 098 (EUR 113 461 382 at 31 December 1999).

a) Provisions for fines and interest subsidies repayable (Note B.5):

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b) Other provisions:

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(1) Following the default of one borrower, long-term securities issued by the ECSC (i.e. with a maturity date after 2002) are no longer paired with asset items bearing an equivalent interest rate. Under the principle of caution and in view of the expiry of the ECSC Treaty in 2002, a provision has been constituted to fully cover interest-rate risks.

(2) This provision was created to cover any legal costs and other unforeseen expenditure. The risk in question is primarily in the legal field because the ECSC has less recourse, for its operations, to national agents who bear all expenditure relating to loan operations.

(3) This provision was created from the fines paid under Decision 94/215/ECSC of 16 February 1994 to cover the possible reimbursement of the amounts received should the Court of Justice rule in favour of the companies which have appealed against the judgement of the Court of First Instance of 11 March 1999 (Note C3.3).

(4) This provision was created from the fines paid under Decision 98/247/ECSC of 21 January 1998 to cover the possible reimbursement of the amounts received should the Court of First Instance rule in favour of the companies which have appealed against this Decision (Note C3.3).

15. Reserves

(EUR)

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The Special Reserve is used to grant loans from ECSC own funds to finance subsidised housing.

The former Pension Fund originally represented the ECSC's total pension obligations prior to 5 March 1968. Since that date, the Member States have assumed responsibility, via the general budget, for the payment of staff pensions. This fund is used to finance housing loans for officials of the European Communities and has also been used to grant special loans to the coal and steel industries.

16. Analysis of the result for the financial year

Overall ECSC performance is influenced by both the result of non-budgetary operations (lending/borrowing - treasury investment - exchange-rate variations) and the out-turn of the ECSC operating budget.

16.1. Non-budgetary operations

(EUR)

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(1) Note C14.3b.

(2) Note C14.2.

(3) In accordance with the change of accounting method on 31 December 1992, income received during the 1999 financial year has been allocated to financing the 1999 operating budget (net balance as in Note C16.2).

16.2. Out-turn of the ECSC operating budget

(EUR)

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16.3. Result for the financial year

(EUR)

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17. Interest and similar charges

(EUR)

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18. Administrative overheads

The ECSC paid a lump sum of EUR 5 million to the general budget of the Commission of the European Communities to cover its administrative expenditure.

19. Other operating charges

(EUR)

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20. Interest received and other income

(EUR)

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21. Other operating income

(EUR)

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22. Income relating to the operating budget

(EUR)

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(1) The ECSC is authorised under the Treaty to impose a levy on coal and steel produced by undertakings in the Community. The levy is calculated on the basis of the average values in the Community of the various products concerned. The European Commission decided to set the levy rate for the 1998, 1999 and 2000 financial years at 0%.

(2) This item comprises the revenue from fines imposed by the Commission in accordance with Articles 58 and 65 of the ECSC Treaty, together with surcharges for late payment.

(3) This item comprises the revenue from the repayments of interest subsidies which the Commission was obliged to demand.

23. Off-balance-sheet commitments

23.1. Commitments received

(EUR)

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23.2. Commitments given

(EUR)

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The ECSC has always been keen to meet the commitments it has entered into and therefore has traditionally honoured coupons even after they have lapsed.

24. Changes in the financial situation for the year ending 31 December 2000

(EUR million)

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Annexes

Main characteristics of borrowings outstanding

(euro value at 31 December 2000) Instrument: ECSC

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1997 4.81 5 ATS 49 512 000 49 512 000

Total ATS 49 512 000 49 512 000 3 598 177

1996 5.67 5 238 630 000 238 630 000

1997 4.957 5 786 164 000 786 164 000

Total BEF 1 024 794 000 1 024 794 000 25 403 980

1989 6.25 13 CHF 3 000 000 600 000

Total CHF 3 000 000 600 000 393 908

1986 7 15 DEM 17 500 000 1 750 000

1987 6.6 15 7 700 000 1 540 000

1987 6.73 15 9 100 000 1 820 000

1987 6.55 15 11 000 000 2 200 000

1988 6.72 13 2 250 000 281 250

1988 6.85 14 8 200 000 1 640 000

1989 7.25 13 2 400 000 480 000

1989 7.4 12 5 800 000 580 000

1990 9.16 15 2 700 000 1 350 000

1990 9 15 1 200 000 600 000

1991 5.02063 10 29 600 000 5 920 000

1991 8.25 10 98 000 000 98 000 000

1991 5.06563 10 35 700 000 7 140 000

1991 4.89875 10 54 000 000 10 800 000

1991 8.93 10 7 000 000 875 000

1991 5.11 10 18 300 000 3 660 000

1992 8.34 15 2 300 000 1 610 000

1992 7.75 10 100 000 000 100 000 000

1992 5.00625 15 11 000 000 7 700 000

1992 4.85 10 39 600 000 15 840 000

1992 4.96625 10 70 900 000 27 200 000

1992 4.84625 10 24 400 000 9 760 000

1992 5.0 10 57 400 000 9 960 000

1992 5.00813 15 11 900 000 8 330 000

1993 6.09 8 13 900 000 3 475 000

1993 4.84 10 18 200 000 10 920 000

1993 4.92625 8 14 550 000 3 217 118

1993 6.75 15 1 000 000 800 000

1993 7.08 15 1 750 000 1 400 000

1993 5.085 10 57 300 000 13 145 400

1993 6.64 15 1 185 000 948 000

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1993 6.39 15 1 355 000 1 084 000

1993 5.14 10 20 000 000 12 000 000

1994 5.11875 8 10 080 000 5 040 000

1994 5.19625 7 13 300 000 3 325 000

1994 4.98113 7 3 980 000 995 000

1995 7.42 7 79 700 000 31 880 000

1995 5.4175 6 24 600 000 6 150 000

1995 5.22 6 8 000 000 2 000 000

1995 4.91875 7 15 600 000 7 800 000

1995 4.78 7 14 000 000 7 000 000

1995 5.78 6 20 100 000 5 025 000

1996 5.45 6 21 400 000 10 700 000

1996 5.02 5 18 210 000 18 210 000

1996 4.6 5 20 100 000 6 700 000

1996 5.75 5 27 721 000 27 721 000

1996 5.3 5 21 493 000 21 493 000

1996 5 5 16 500 000 5 500 000

1997 4.895 5 67 000 000 67 000 000

1997 4.83 5 80 597 000 80 597 000

1997 5.0225 5 21 270 000 14 180 000

1997 4.5775 5 75 000 000 75 000 000

1997 4.90313 5 8 000 000 5 300 000

Total DEM 1 323 841 000 767 681 768 392 509 455

1992 12.9 10 ESP 350 000 000 87 500 000

1994 4.99625 7 675 000 000 33 750 000

1996 5.198 5 110 000 000 11 000 000

1996 5.165 5 245 000 000 49 000 000

1996 8.12 5 2 000 000 000 2 000 000 000

1996 8.12 5 2 390 000 000 2 390 000 000

1997 5.215 5 485 000 000 242 525 000

Total ESP 6 255 000 000 4 813 775 000 28 931 370

1992 9.7 10 FRF 23 600 000 9 440 000

1992 4.581 20 300 000 000 300 000 000

1993 7 10 1 500 000 000 1 500 000 000

1993 5.75 8 890 000 000 890 000 000

1996 5.637 5 19 880 000 19 880 000

1996 5.941 5 22 620 000 22 620 000

1997 4.9 5 151 315 000 151 315 000

Total FRF 2 907 415 000 2 893 255 000 441 073 881

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1990 11.875 19 GBP 60 000 000 60 000 000

1992 9.875 25 50 000 000 17 220 000

1992 9.875 25 30 000 000 30 000 000

1993 7.565 8 9 088 750 1 897 657

1993 9.875 24 20 000 000 20 000 000

1994 8.98 8 2 668 000 1 334 000

1994 6.875 25 50 000 000 35 261 000

1994 8.9375 25 47 000 000 47 000 000

1994 6.15 8 12 842 400 6 196 200

1994 8.68 8 7 893 500 3 946 750

1995 6.2925 6 16 000 000 16 000 000

1996 7.16 5 5 800 000 5 800 000

1996 6.3025 5 1 600 000 1 600 000

1996 7.49 5 10 000 000 10 000 000

1996 6.3625 5 1 790 000 1 790 000

1996 6.00875 5 1 600 000 1 600 000

1996 7.47 5 8 000 000 8 000 000

1996 5.915 5 3 000 000 3 000 000

1997 5.99789 5 4 180 000 4 180 000

1997 7.215 5 13 972 500 13 972 500

1997 6.25547 5 675 000 675 000

1997 7.54 5 32 536 290 32 536 290

Total GBP 403 347 403 322 009 397 515 958 015

1991 4.6 10 ITL 17 500 000 000 3 375 000 000

1991 4.6025 10 39 100 000 000 7 600 000 000

1991 4.725 10 23 250 000 000 3 716 000 000

1991 5.0625 10 5 850 000 000 1 136 000 000

1992 4.375 10 18 500 000 000 6 900 000 000

1992 4.5 15 9 000 000 000 6 300 000 000

1992 4.49 10 34 800 000 000 4 120 000 000

1992 4.6 10 20 800 000 000 7 920 000 000

1992 5.078 10 45 950 000 000 17 130 000 000

1993 5.354 10 15 600 000 000 9 360 000 000

1993 5.085 10 19 700 000 000 6 607 500 000

1993 5.07625 8 11 600 000 000 2 525 000 000

1993 5.30625 8 12 840 000 000 3 210 000 000

1993 5.2345 10 52 600 000 000 7 310 000 000

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1994 5.263 8 9 930 000 000 4 965 000 000

1994 5.05113 7 4 000 000 000 1 000 000 000

1994 5.24625 7 13 090 000 000 3 272 500 000

1995 5.1825 6 21 000 000 000 5 250 000 000

1995 5.01375 7 14 800 000 000 7 400 000 000

1995 4.99688 6 42 540 000 000 10 635 000 000

1995 4.8925 7 16 440 000 000 8 220 000 000

1996 4.94125 5 12 500 000 000 12 500 000 000

1996 4.96813 5 23 700 000 000 7 900 000 000

1996 5.04625 6 31 520 000 000 15 760 000 000

1996 5.10063 5 23 280 000 000 7 760 000 000

1996 5.09 5 10 000 000 000 3 333 333 334

1997 5.0325 5 44 370 000 000 29 580 000 000

TotaL ITL 594 260 000 000 204 785 333 334 105 762 798

1994 1.08625 7 JPY 11 200 000 000 11 200 000 000

TotaL JPY 11 200 000 000 11 200 000 000 104 751 216

1996 5.375 6 LUF 1 400 000 000 1 400 000 000

1997 4.75 5 275 000 000 275 000 000

1997 4.75 5 2 800 000 000 2 800 000 000

Total LUF 4 475 000 000 4 475 000 000 110 932 352

1986 7.375 15 NLG 15 000 000 1 000 000

1986 7.375 15 3 000 000 200 000

1987 6.71 14 13 400 000 959 000

TotaL NLG 31 400 000 2 159 000 979 712

1995 4.81063 7 PTE 2 000 000 000 2 000 000 000

1997 4.8231 5 16 300 000 000 16 300 000 000

1997 0 5 8 450 000 000 8 450 000 000

TotaL PTE 26 750 000 000 26 750 000 000 133 428 437

1991 6.31625 10 USD 55 500 000 55 500 000

1993 6.375 15 100 000 000 100 000 000

1996 6.2 6 19 500 000 7 800 000

TotaL USD 175 000 000 163 300 000 175 497 045

Grand total in EUR 2 039 220 346

Activities under the ECSC operating budget

Traditional redeployment aid [Article 56(1)(c) and (2)(b)]

(amounts covered by provisions)

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Traditional redeployment aid [Article 56(1)(c) and (2)(b)]

(new allocations and number of workers receiving aid in 2000)

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Redeployment aid - Social measures (steel)

(Amounts covered by provisions)

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Redeployment aid - Rechar Programme and social measures (coal)

(Amounts covered by provisions)

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Redeployment aid - Social measures (coal)

(new allocations and number of workers receiving aid in 2000)

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