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Q: ERC - What is the best method of calculating interest per period and what exchange rate should be used if pre-financing is transferred from an interest bearing EURO account to a non-Interest-bearing account in a different currency, e.g. to convert the interest from pounds sterling back to Euros?
A: Only for the grant agreements signed until 31 December 2012: General rules concerning applicable interest rates are explained in Article II.6.4 of the General Conditions to the ERC Grant Agreement (Single and Multi-Beneficiary). The applicable exchange rate is based on the date when the interest is actually earned.
Category : ERC - Cost Management for Grants ( Interest-bearing account )