The plan announced on 14 December foresees the issuance of €50 billion in long-term EU-Bonds between January and June 2022, to be complemented by short-term EU-Bills. On that basis, the Commission will continue to be able to cover all payments due under the Recovery and Resilience Facility and all other programmes under the NextGenerationEU recovery instrument over that period. The current funding plan is based on the latest forecasts for forthcoming NextGenerationEU payment needs. Given that the Recovery and Resilience Facility – which accounts for 90% of payments under NextGenerationEU – is a performance-based instrument and that payments in 2022 will be conditional on the completion of the milestones and targets in Member States' national Recovery and Resilience Plans, the precise funding needs and timing of payments may vary. Any changes will be communicated to the market in a timely and transparent way.  The day also marks the Commission's adoption of the Annual Borrowing Decision for 2022. This decision includes the maximum amounts that the Commission is authorised to borrow by the end of the year.