Protocol concerning the conditions and arrangements for admission of the Republic of Bulgaria and Romania to the European Union - PART FOUR:TEMPORARY PROVISIONS - TITLE III:FINANCIAL PROVISIONS - Article 25

Published: 2005-04-25

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Article 25
1. From the date of the accession, Bulgaria and Romania shall pay the following amounts corresponding to their share of the capital paid in for the subscribed capital as defined in Article 4 of Protocol No 5 on the Statute of the European Investment Bank, annexed to the Constitution [5]:
Bulgaria EUR 14800000
Romania EUR 42300000.
These contributions shall be paid in eight equal instalments falling due on 31 May 2007, 31 May 2008, 31 May 2009, 30 November 2009, 31 May 2010, 30 November 2010, 31 May 2011 and 30 November 2011.
2. Bulgaria and Romania shall contribute, in eight equal instalments falling due on the dates referred to in paragraph 1, to the reserves and provisions equivalent to reserves, as well as to the amount still to be appropriated to the reserves and provisions, comprising the balance of the profit and loss account, established at the end of the month preceding accession, as entered on the balance sheet of the Bank, in amounts corresponding to the following percentages of the reserves and provisions [5]:
Bulgaria 0,181 %
Roumania 0,517 %.
3. The capital and payments provided for in paragraphs 1 and 2 shall be paid in by Bulgaria and Romania in cash in euro, save by way of derogation decided unanimously by the Board of Governors.
[5] The figures quoted are indicative and based on the 2003 data published by Eurostat.