3. Member States may decide not to apply Article 10(1), (2) and (3) where, upon a decision of the administrative or management body, assets other than the transferable securities and money-market instruments referred to in paragraph 1 of this Article are contributed as consideration other than in cash whose fair value is derived by individual asset from the statutory accounts of the previous financial year provided that the statutory accounts have been subject to an audit in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts

Directive 85/611/EEC recognises as a sub-category of transferable securities and money market instruments those which embed a derivative element.

Embedding a derivative element into a transferable security or money market instrument does not transform the whole financial instrument into a financial derivative instrument which would fall outside the definitions of transferable security or money market instrument.

12. UNDERLINES that addressing climate change has costs but also brings opportunities and incentives for innovation in support of the Lisbon Agenda goals of economic growth, full employment and sustainable development; NOTES that broader participation in efforts to reduce greenhouse gas emissions is necessary to achieve the environmental objective and will contribute to mitigate economic adjustment costs and avoid distortions in competition; EMPHASISES that when evaluating costs and benefits of future climate change policies it is vital to include monetary, non-mone ...[+++]tary and non-tangible aspects of climate change policies into both the costs of action (taking into account such aspects as technological developments, reduction potentials and consumption patterns) and the costs of inaction (such as damage from more frequent severe weather events, risks of abrupt climate change, loss of biodiversity, irreversible impacts, social and safety aspects and implications for other regions, and positive effects such as ancillary benefits and the contribution of technology innovation to competitiveness and economic growth); LOOKS FORWARD to the Commission’s report on costs and benefits in view of the 2005 Spring European Council consideration of medium and longer term emission reduction strategies, including targets".

The farm price package was adopted during the Fisheries Council on the night of 23/24 June, on the basis of a compromise relating to monetary aspects for Greece.

By looking at the three main components, which are cash receipts, operating expenses and depreciation, we can see that farm receipts edged up 0.6 per cent to $37 billion.