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Money talks

4 Feb 2011 - Krista Dulon
spoor.jpg
"The ºÚÁÏÉçapp 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 ºÚÁÏÉçapp Finance & Budget.
Why was it necessary to invent the ºÚÁÏÉçapp Unit of Account, or IUA? What is the difference between the planned value of ºÚÁÏÉçapp and its actual cost? Does ºÚÁÏÉçapp 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 ºÚÁÏÉçapp seminar. Entitled "Everything you wanted to know but were afraid to ask about ºÚÁÏÉçapp finances," the audience was introduced to the specificities of ºÚÁÏÉçapp financing by its Members, budget planning and procedures, and principles of ºÚÁÏÉçapp accounting.
 
ºÚÁÏÉçapp 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. "ºÚÁÏÉçapp construction costs are equivalent to less than 20 euro cents/year for the inhabitants of the ºÚÁÏÉçapp Member countries."
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