The ECSC Treaty expired on 23 July 2002 and the ownership of ECSC funds was transferred by the Treaty of Nice to the European Community with effect to 24 July 2002. On the entry into force of the Treaty of Nice on 1 February 2003, ownership of the ECSC’s funds reverted to the European Community with retroactive effect to 24 July 2002.
On 1 February 2003 the Council laid down the measures necessary for the implementation of the Protocol, annexed to the Treaty establishing the European Community, on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel.
The Commission is responsible for winding up the financial operations of the ECSC that were still in progress at the moment of the expiry of the ECSC Treaty.
The Commission (Directorate General for Economic and Financial Affairs) is also responsible for managing the assets in such a way as to ensure their long-term profitability.
The net revenue from investing the available assets constitutes revenue in the general budget of the European Union and is to be used to finance, in the sector associated with the coal and steel industries, research projects that are not covered by the framework research programme. This revenue forms the Research Fund for Coal and Steel which is managed by the Commission (DG Research).
Each year a profit-and-loss account, balance sheet and financial report is drawn up to show, separately from the other financial operations of the remaining Communities, the liquidation operations and the investment transactions