Common use of Reserve and other funds Clause in Contracts

Reserve and other funds. 1. The Board of Governors shall establish a reserve fund and, where appropriate, other funds. 2. Without prejudice to Article 23, the net income generated by the ESM operations and the proceeds of the financial sanctions received from the ESM Members under the multilateral surveillance procedure, the excessive deficit procedure and the macro-economic imbalances procedure established under the TFEU shall be put aside in a reserve fund. 3. The resources of the reserve fund shall be invested in accordance with guidelines to be adopted by the Board of Directors. 4. The Board of Directors shall adopt such rules as may be required for the establishment, administration and use of other funds.

Reserve and other funds. 1. The Board of Governors shall establish a reserve fund and, where appropriate, other funds. 2. Without prejudice to Article 2319, the net income generated by the ESM operations and the proceeds of the financial sanctions received from the ESM Members [under the multilateral surveillance procedure, the excessive deficit procedure and the macro-economic imbalances procedure established under the TFEU TFEU] shall be put aside in a reserve fund. 3. The resources of the reserve fund shall be invested in accordance with guidelines to be adopted by the Board of Directors. 4. The Board of Directors shall adopt such rules as may be required for the establishment, administration and use of other funds.