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    Annex: Practical Guide To Procedures For Programme Estimates - Project Approach (Version 4.0) - Annex 6

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    jaime
    The document outlines rules for currencies used in programme estimates, bank accounts, and account keeping for projects. It addresses national projects that involve expenditure in one currency or multiple currencies, as well as regional projects that may be broken into national components or not. The key points covered are: - Whether estimates, accounts, and bank accounts are done in one or multiple currencies depending on the project. - National projects may have expenditures in the national currency alone or together with other currencies. - Regional projects can be treated as multiple national projects or as one estimate depending on structure. - Bank accounts are opened in the currencies of expenditures, and exchange rates are applied when converting between currencies for estimates and expenditures.

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    Annex: Practical Guide To Procedures For Programme Estimates - Project Approach (Version 4.0) - Annex 6

    Uploaded by

    jaime
    24 views5 pages
    The document outlines rules for currencies used in programme estimates, bank accounts, and account keeping for projects. It addresses national projects that involve expenditure in one currency or multiple currencies, as well as regional projects that may be broken into national components or not. The key points covered are: - Whether estimates, accounts, and bank accounts are done in one or multiple currencies depending on the project. - National projects may have expenditures in the national currency alone or together with other currencies. - Regional projects can be treated as multiple national projects or as one estimate depending on structure. - Bank accounts are opened in the currencies of expenditures, and exchange rates are applied when converting between currencies for estimates and expenditures.

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    The document outlines rules for currencies used in programme estimates, bank accounts, and account keeping for projects. It addresses national projects that involve expenditure in one currency or multiple currencies, as well as regional projects that may be broken into national components or not. The key points covered are: - Whether estimates, accounts, and bank accounts are done in one or multiple currencies depending on the project. - National projects may have expenditures in the national currency alone or together with other currencies. - Regional projects can be treated as multiple national projects or as one estimate depending on structure. - Bank accounts are opened in the currencies of expenditures, and exchange rates are applied when converting between currencies for estimates and expenditures.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    24 views5 pages

    Annex: Practical Guide To Procedures For Programme Estimates - Project Approach (Version 4.0) - Annex 6

    Uploaded by

    jaime
    The document outlines rules for currencies used in programme estimates, bank accounts, and account keeping for projects. It addresses national projects that involve expenditure in one currency or multiple currencies, as well as regional projects that may be broken into national components or not. The key points covered are: - Whether estimates, accounts, and bank accounts are done in one or multiple currencies depending on the project. - National projects may have expenditures in the national currency alone or together with other currencies. - Regional projects can be treated as multiple national projects or as one estimate depending on structure. - Bank accounts are opened in the currencies of expenditures, and exchange rates are applied when converting between currencies for estimates and expenditures.

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    of 5

    ANNEX 6

    RULES GOVERNING THE CURRENCIES USED FOR


    DRAWING UP PROGRAMME ESTIMATES, OPENING
    “PROGRAMME ESTIMATE” BANK ACCOUNT(S) AND
    KEEPING THE ACCOUNTS

    Practical guide to procedures for programme estimates - project approach (version 4.0) – Annex 6
    1. NATIONAL PROJECT - EXPENDITURE IN NATIONAL CURRENCY

     The programme estimate will be drawn up in national currency.

     The accounts will be kept in national currency.

     A single “programme estimate” bank account, denominated in national currency,


    will be opened for payments relating to the implementation of the imprest
    component of the budget of the programme estimate.

    This bank account may exceptionally be used for making payments in other
    currencies, provided:

     the amount of each individual payment does not exceed the equivalent of
    EUR 10 000,

     the total of such payments does not exceed 5% of the total value of the imprest
    component of the budget of the programme estimate.

    Such expenditure is normally foreseeable and should be explicitly specified in the


    programme estimate. If not, the prior written authorisation of the relevant
    representative of the beneficiary country/National Authorising Officer and Head
    of Delegation must be obtained.

    2. NATIONAL
    PROJECT - EXPENDITURE IN NATIONAL (NON-CONVERTIBLE)
    CURRENCY AND ONE OTHER CURRENCY

     A single programme estimate will be drawn up, with each currency kept separate.
    The budget will have separate provisional breakdowns of expenditure in national
    currency on the one hand and in the other currency to be used for payments on the
    other hand. The total amount of the programme estimate, including planned
    expenditure in both currencies, will be given in national currency as an indication.

     The accounts will be kept separately by currency.

     Two “programme estimate” bank accounts, one in national and one in the foreign
    currency, will be opened for payments relating to the implementation of the
    imprest component of the budget of the programme estimate.

     An advance/pre-financing may be paid into each of the two “programme estimate”


    bank accounts. The use of the advances/pre-financing must be substantiated
    separately for each bank account when requests are made for replenishment and
    closure.

    Practical guide to procedures for programme estimates – project approach (version 4.0) – Annex 6 1
    3. NATIONAL
    PROJECT - EXPENDITURE IN NATIONAL (NON-CONVERTIBLE)
    CURRENCY AND OTHER CURRENCIES

     A single programme estimate will be drawn up, separated by currency. The budget
    will show separately the provisional breakdown of expenditure (a) in national
    currency and (b) in euro1 for all the other currencies to be used. The total amount
    of the programme estimate, including planned expenditure in national and other
    currencies, will be given in national currency as an indication.

     The accounts will be kept separately by currency.

     Two “programme estimate” bank accounts, one in national currency and one in
    euro,1 will be opened for payments relating to the implementation of the imprest
    component of the budget of the programme estimate. All payments in currencies
    other than the national currency will be made from the euro bank account.1

     An advance/pre-financing may be paid into each of the two “programme estimate”


    bank accounts. The use of the advances/pre-financing must be substantiated
    separately for each bank account when requests are made for replenishment and
    closure.

     Payments in other currencies will be converted into euro1 at the rate applied by the
    bank at the time of the bank transaction.

    4. NATIONAL
    PROJECT - EXPENDITURE IN NATIONAL (CONVERTIBLE) CURRENCY
    AND ONE OR MORE OTHER CURRENCIES

     The programme estimate will be drawn up in national currency.

     The accounts will be kept in national currency.

     A single “programme estimate” bank account, denominated in national currency,


    will be opened for payments in national or other currencies relating to the
    implementation of the imprest component of the budget of the programme
    estimate.

     Payments made in other currencies will be converted into national currency at the
    rate applied by the bank at the time of the bank transaction.

    1
    Or, failing that, in another European currency or a currency widely used in the country or region
    (e.g. US dollars).

    Practical guide to procedures for programme estimates – project approach (version 4.0) – Annex 6 2
    5. NATIONAL
    PROJECT - EXPENDITURE IN NATIONAL CURRENCY – TRANSFERS
    FROM THE EUROPEAN COMMISSION IN EURO – BANK ACCOUNT IN EURO

     The programme estimate will be drawn up in national currency.

     The accounts will be kept in national currency and in euro.

     A “programme estimate” bank account denominated in euro and, if necessary and


    depending on the national rules, another denominated in national currency will be
    opened for payments relating to the implementation of the imprest component of
    the budget of the programme estimate.

     Where appropriate, transfers from the “programme estimate” bank account in euro
    to the other in national currency will be converted at the rate applied by the bank at
    the time of the bank transaction.

     The amount of the advance/pre-financing and of the replenishments requested in


    national currency will be converted at the "Inforeuro" rate of the month in which
    the programme estimate was approved by the Delegation of the European Union in
    order to calculate the amount of the corresponding transfer in euro. The amounts
    justifying the use of the advance/pre-financing in national currency will be also
    converted at the "Inforeuro" rate of the month in which the programme estimate
    was approved by the Delegation of the European Union in order to book in CRIS
    the clearings of the advance/pre-financing. The impact of the differences between
    the "Inforeuro" rates and the rates applied by the bank will be included in the
    expenditure or, if any, in the returns incurred for the financial implementation of
    the imprest component of the budget of the programme estimate.

    6. REGIONAL PROJECT BROKEN DOWN INTO NATIONAL COMPONENTS

    Each component of the project may be treated as a national project. The rules
    mentioned above in points 1, 2, 3 or 4 apply accordingly.

    7. REGIONAL PROJECT NOT BROKEN DOWN INTO NATIONAL COMPONENTS AND


    INVOLVING EXPENDITURE IN ONLY ONE CURRENCY

     The programme estimate will be drawn up in the same currency as for the
    expenditure.

     The accounts will be kept in the same currency as for the expenditure.

     A single “programme estimate” bank account, denominated in the same currency


    as used for expenditure, will be opened for payments relating to the
    implementation of the imprest component of the budget of the programme
    estimate.

    Practical guide to procedures for programme estimates – project approach (version 4.0) – Annex 6 3
    8. REGIONAL PROJECT NOT BROKEN DOWN INTO NATIONAL COMPONENTS AND
    INVOLVING EXPENDITURE IN VARIOUS CURRENCIES

     The programme estimate will be drawn up in euro1.

     The accounts will be kept in euro1.

     A single “programme estimate” bank account, denominated in euro1, will be


    opened for payments relating to the implementation of the imprest component of
    the budget of the programme estimate. If the national currency of the beneficiary
    country where the regional project is based is not convertible, a second
    “programme estimate” bank account will be opened in the national currency to
    cover expenditure in that country.

     An advance/pre-financing may be paid into each of the two “programme estimate”


    bank accounts. The use of the advances/pre-financing must be substantiated
    separately for each bank account when requests are made for replenishment and
    closure.

     Payments in other currencies from the “programme estimate” bank account in


    euro1 will be converted into euro1 at the rate applied by the bank at the time of the
    bank transaction.

    N.B.

    The above rules apply to typical cases arising in the implementation of projects or
    programmes. If a situation is anticipated which does not fall into one of the above cases,
    DG DEVCO may be consulted with a view to introducing the applicable rules.

    Practical guide to procedures for programme estimates – project approach (version 4.0) – Annex 6 4

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