Money talks
4 Feb 2011
-
Krista Dulon
"The ºÚÁÏרÇø is spending taxpayers' money and has to maintain a high level of efficiency, economy and integrity for all its expenditures," says Hans Spoor, head of ºÚÁÏרÇø Finance & Budget.
Why was it necessary to invent the ºÚÁÏרÇø Unit of Account, or IUA? What is the difference between the planned value of ºÚÁÏרÇø and its actual cost? Does ºÚÁÏרÇø earn interest on the funds it holds, and —if so—where does this money go?
Hans Spoor, Head of Finance & Budget, addressed these questions and more at this week's Inside ºÚÁÏרÇø seminar. Entitled "Everything you wanted to know but were afraid to ask about ºÚÁÏרÇø finances," the audience was introduced to the specificities of ºÚÁÏרÇø financing by its Members, budget planning and procedures, and principles of ºÚÁÏרÇø accounting.
ºÚÁÏרÇø construction will be managed within an agreed capped ceiling of 4700 kIUA. "Converted to euros at 2010 conversion rates (1 IUA = 1,552.24 euros), that's EUR 7.3 billion," demonstrated Hans. "ºÚÁÏרÇø construction costs are equivalent to less than 20 euro cents/year for the inhabitants of the ºÚÁÏרÇø Member countries."