20.12.73 NoL351/1 OfficialJournaloftheEuropeanCommunities
I
(Actswhosepublicationisobligatory)
REGULATION (EEC)No3414/73OFTHECOUNCIL
of11December 1973
ontheformationofabufferstockofoliveoil
THECOUNCILOFTHEEUROPEAN
COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ;
HavingregardtoCouncilRegulationNo136/
66/EEC(')of22September1966ontheestablish­
mentofacommonorganizationofthemarketinoils
andfats,aslastamendedbyRegulation (EEC)No
1707/73(2),andinparticularArticle10(2)andArticle
12thereof;Whereas,inordertoencourageformationofthe
stock,thesubsidyonvirginoliveoilboughtinforthe
stockandonolive-residueoilshould,bywayofdero­
gationfromCouncilRegulation (EEC)No3209/73(3)
of27November1973onthesubsidyforoliveoil,be
paidtotheproduceratthesametimeasthe
buying-inprice;
Whereasprovisionshouldbemadeforthebuffer
stocktobedisposedofassoonasitbecomes
apparent,inthelightofthemarketsituationandthe
levelofpricesobtaining,thatthisisnecessary,
HavingregardtotheproposalfromtheCommission ;
WhereasArticle12ofRegulationNo136/66/EEC
providesthat,tomitigatetheeffectsofharvestfluctua­
tionsonthebalancebetweensupplyanddemandand
inthiswaytostabilizeconsumerprices,theCouncil
mayrequireinterventionagenciestoformabuffer
stockofoliveoil;HASADOPTED THISREGULATION :
Article1
Abufferstockofvirginoliveoilshallbeformed
undertheconditionslaiddowninArticles2to5.
Whereasinrecentyearstherehavebeenconsiderable
fluctuationsinCommunityoliveharvests;whereas
thesefluctuations havehadanadverseeffectonthe
oliveoilmarketsituationandonthestabilityof
cpnsumerpricesforthisproduct;
Whereasagoodharvestisexpectedforthe1973/74
marketingyear;whereas,inordertocounteractthe
difficultiesreferredtoabove,itwouldseemdesirable
tosetasidepartofthisyear'sharvesttoformabuffer
stockofoliveoilintheCommunity ;
Whereasintheinterestsofsoundadministration ,
offersforsalemustrelatetothetotalquantityof.oil
producedbythosemakinganoffer;
Whereas,inviewofpricelevelsontheCommunity
market,thebuying-inpriceforthebufferstock
shouldbefixedatalevelnotexceedingthatofthe
markettargetprice;Article2
1.Theformationofthebufferstockshallbe
entrustedtotheItalianinterventionagency,which
shallactbefore1April1974.
2.Thebufferstockshallconsistexclusivelyof
virginoliveoilproducedintheCommunityduring
the1973/74marketingyear.
3.Thetotalquantityofvirginoliveoilboughtin
forthebufferstockshallnotexceed75000metric
tonsforthemarketingyearinquestion.
Article3
Forthepurposesofformingthebufferstockand
subjecttothemaximumtonnagespecifiedinArticle
2(3),theItalianinterventionagencyshallbuyinonly
virginoliveoilofferedtoitbyproducersontheterms
setoutinArticle4.
(')OJNo172,30.9.1966,p.3025/66.
(2)OJNoL175,29.6.1973,p.5. (3)OJNoL327,28.11.1973,p.15.

NoL351/2 OfficialJournaloftheEuropeanCommunities 20.12.73
Article4
1.Aproducerofferingvirginoliveoiltotheinter­
ventionagencyforthebufferstockmayofferonly
virginoliveoilobtainedfromoliveswhichhehas
grownhimself.
Hisoffershallrelatetothetotalquantityofvirgin
oliveoilproduced.
Theproducermayhoweverobtainauthorization to
retainthequantitynecessaryforhisownuse.
2.Alloffersshallbesubmittedinwritingtothe
Italianinterventionagencyby31March1974atthe
latest.
Thewrittenoffershallalsobeconsideredasanappli­
cationforthesubsidyprovidedforinArticle10of
RegulationNo136/66/EECinrespectofthequanti­
tiesoffered.
Article5
1.Thebuying-inpriceforthevirginoliveoildeliv­
eredshallnotexceedthemarkettargetpricerulingon
thedayonwhichtheoilisdeliveredtotheinterven­
tionagency.
Thispriceshallrelatetovirginoliveoilofstandard
quality.Forotherqualitiesthepriceshallbeadjusted
bymeansofascaleofpriceincreasesandreductions.
2.Bywayofderogationfromtheprovisionsof
Regulation(EEC)No3209/73andsubjecttocompli­
ancewiththeconditionssetoutinArticle4,the
Italianinterventionagencyshall,whenpayingthe
buying-inprice,alsopaytoeachsellerthesubsidypayableonthetotalquantityofvirginoliveoil
producedandonthequantityofolive-residue oil
calculatedinaccordancewithArticle13ofRegulation
(EEC)No3423/73,theamountofthesubsidybeing
reducedby1%.
Article6
TheItalianinterventionagencyshalltakeallmeasures
necessarytoensurethattheoliveoilconstitutingthe
bufferstockremainsingoodcondition.
ItshallinformtheCommission ofthemeasurestaken
tothatend.
Article7
Whenthemarketsituationandthelevelofpricesso
require,adecisionshallbetakeninaccordancewith
theprocedurelaiddowninArticle38ofRegulation
No136/66/EECrequiringtheItalianintervention
agencytooffertheoilconstitutingthebufferstockfor
saleandlayingdownthetermsofsuchsale.
Article8
Allotherrulesfortheimplementation ofthisRegula­
tionshallbeadoptedinaccordancewiththeproce­
durelaiddowninArticle38ofRegulationNo136/
66/EEC.
Article9
ThisRegulationshallenterintoforceonthethirdday
followingitspublicationintheOfficialJournalof
theEuropeanCommunities .
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,11December1973.
FortheCouncil
ThePresident
lbFREDERIKSEN