Amending budget 5/2006: section III Commission, funds for the economic development of the Turkish Cypriot community, European Year of Equal Opportunities for All 2007, expenditure incurred in connection with treasury management

On 24 July 2006, the Commission submitted to the Council a Preliminary Draft Amending Budget 5/2006 concerning Section III - Commission.

Overall, the Commission aims to:

- mobilise new funds for an amount of EUR 120 million in commitment appropriations on Article 22 02 11 for the financial support to encourage the economic development of the Turkish Cypriot Community, and the correlate modification of the budgetary remarks to allow for the financing of the administrative support expenditure. These new funds are requested from the margin available under the ceiling of Heading 7 (Pre-accession strategy) of the Financial Perspective;

- increase by EUR 4 million in commitment appropriations on line 04 04 12 - European Year of Equal Opportunities for All (2007) to take account of the reference amount contained in Decision 771/2006/EC of the European Parliament and the Council;

- create three new budget lines with a token entry following the modernisation of the accounting system.

On 5 October 2006, the Council established Draft Amending Budget 5/2006 as submitted by the Commission in its Preliminary Draft Amending Budget No. 5 and set out in the technical annex to this explanatory memorandum (refer to Council document 13561/06 ADD 1).