Receipts from the EU under the Objective One and Convergence Programmes Fund in respect of Wales are paid by the Commission to the Welsh Assembly Government. Programmes are agreed between the Commission and the Welsh Assembly Government.
All monies received from the EU as part of the Objective One and Convergence Programme funding in Wales are paid by the Commission to the Welsh Assembly Government.
The Consolidated Budgeting Guidance sets out the budgeting treatment for receipts from the EU.
Para 3.52 states:
“Income from the EC may be netted off Resource Budget DEL if it is in support of DEL spending and if it supports current expenditure.”
The Consolidated Budgeting Guidance can be found at:
http://www.hm-treasury.gov.uk/d/consolidatedbudgeting_guidance200910.pdf