No C 343/4 Official Journal of the European Communities 31. 12.82 
B. Global loans 
The principle behind global loans to finance 
investments aimed at promoting the consumption 
of Community coal is to grant smaller loans via an 
intermediate national or regional finance organi­
zation. 
Save with the prior consent of the Commission the 
total investment value of projects for which an 
individual loan is sought under a global loan may 
not exceed 15 million ECU. 
The fundamental objectives of the policy on 
global loans are the same as those for direct loans; 
the difference lies in the size of the loan and the 
degree of administrative decentralization, which 
occurs at two levels: 
— Firstly, at Community institution level. Once 
the Council has given its assent to a global 
loan, each individual loan can be approved by 
the Commission. 
— Secondly, between the Commission and the 
national or regional agency. Subject to the 
final assent of the Commission the agency is 
responsible for negotiating individual loans 
with borrowers and evaluating projects (on the 
same basis as the Commission uses for 
evaluating direct loans), and will forward its 
recommendations to the Commission. The 
In publishing the notice below, it is the intention of 
the Commission to open the way for a more flexible 
administrative practice in assessing applications for 
negative clearance under Article 2 of Regulation No 
17/62, which empowers the Commission to certify 
that Article 85 (1) of the EEC Treaty does not apply 
to an agreement. Experience has, indeed, shown that 
in certain cases a 'comfort letter' closing the 
procedure sent by the Commission's Directorate-
General for Competition was an appropriate response 
to an application for negative clearance. However, in 
O OJ No 13, 21 February 1962, p. 204; OJ (English 
Special Edition 1959-62), November 1972, p. 87. agency will also advise the Commission of any 
national aids granted for the project. 
III. REPORTS AND MONITORING 
Borrowers are to send the Commission periodical 
reports on the progress of investment projects and the 
consumption of Community coal. 
The Commission will make selective inspection visits 
to the projects to ensure that they are being carried 
out as planned. 
IV. INFORMATION 
Industrial loan applications and the allocation of 
global loans will be subject to banking secrecy until 
such time as any contract is signed. The Commission 
may, after consultation with the borrower, publish its 
decisions and their economic effects. 
More detailed information on industrial loans granted 
under Article 54 (2) of the ECSC Treaty may be 
obtained from the following department of the 
Commission of the European Communities: 
Mr Cervino, 
Commission of the European Communities, 
Directorate-General XVIII / Division B2, 
Jean Monnet Building, 
L-2920 Luxembourg, 
Tel.: 43 01-32 34. 
order to enhance the declaratory value of such a 
letter, and without prejudice to the possibility of 
terminating the procedure by a formal decision, the 
Commission is now publishing the essential content of 
such agreements pursuant to Article 19 (3) of Regu­
lation No 17/62, so as to give interested third parties 
an opportunity to make known their views. In appro­
priate cases, it would be possible to send a comfort 
letter closing the procedure after publication, so as to 
simplify and shorten the procedure. 
Cases closed by a comfort letter following publication 
will be brought to the attention of interested third 
parties by the subsequent publication of a notice in 
the Official Journal of the European Communities. Notice from the Commission on procedures concerning applications for negative 
clearance pursuant to Article 2 of Council Regulation No 17/62 (')