Money talks
4 Feb 2011
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Krista Dulon
"The °ÄÃÅÁùºÏ²Ê¸ßÊÖ 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 °ÄÃÅÁùºÏ²Ê¸ßÊÖ Finance & Budget.
Why was it necessary to invent the °ÄÃÅÁùºÏ²Ê¸ßÊÖ Unit of Account, or IUA? What is the difference between the planned value of °ÄÃÅÁùºÏ²Ê¸ßÊÖ and its actual cost? Does °ÄÃÅÁùºÏ²Ê¸ßÊÖ 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 °ÄÃÅÁùºÏ²Ê¸ßÊÖ seminar. Entitled "Everything you wanted to know but were afraid to ask about °ÄÃÅÁùºÏ²Ê¸ßÊÖ finances," the audience was introduced to the specificities of °ÄÃÅÁùºÏ²Ê¸ßÊÖ financing by its Members, budget planning and procedures, and principles of °ÄÃÅÁùºÏ²Ê¸ßÊÖ accounting.
°ÄÃÅÁùºÏ²Ê¸ßÊÖ 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. "°ÄÃÅÁùºÏ²Ê¸ßÊÖ construction costs are equivalent to less than 20 euro cents/year for the inhabitants of the °ÄÃÅÁùºÏ²Ê¸ßÊÖ Member countries."