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