disclose the quantitative level of materiality applied to perform the statutory audit for the financial statements as a whole and where applicable the materiality level or levels for particular classes of transactions, account balances or disclosures, and disclose the qualitative factors which were considered when setting the level of materiality;

11. Highlights the fact that at the end of December 2011, the balance on the Joint Undertaking's bank account was EUR 9 200 000 and between the months of August 2011 and December 2011, the Joint Undertaking's cash balance ranged between approximately EUR 30 000 000 and EUR 60 000 000; urges the Joint Undertaking to implement, together with the Commission, all the necessary measures to minimise the cash balances held on account to the levels that are required within the limits provided in the financing agreements with the Commission;

22. Stresses that non-bank entities should not have access to information on a customer’s bank account balance, apart from a simple confirmation at the point when the transaction takes place that there are sufficient funds to complete a transaction.

The delegated regulation may contain detailed rules concerning the powers and duties of the accounting officer, including his/her appointment and termination of duties, the opinion on accounting and inventory systems, treasury and bank account management, signatures on accounts, management of account balances, transfer and conversion operations, methods of payment, legal entity files and keeping of supporting documents.

However a basic payment account should not allow the execution of payment orders where such payment orders would result in a negative balance on the account.

‘funds’ means financial assets and economic benefits of every kind, including but not limited to cash, cheques, claims on money, drafts, money orders and other payment instruments; deposits with financial institutions or other entities, balances on accounts, debts and debt obligations; publicly and privately traded securities and debt instruments, including stocks and shares, certificates presenting securities, bonds, notes, warrants, debentures, derivatives contracts; interest, dividends or other income on or value accruing from or generated by assets; credit, right of set-off, guarantees, performance bonds or other financial commit ...[+++]ments; letters of credit, bills of lading, bills of sale; documents evidencing an interest in funds or financial resources, and any other instrument of export-financing.