ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(74)1720
Vol.1974/0275

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i
COMMISSION OFTHEEURQPEAN CCMMUNITIES
COM(74)1720 final
Strasbourg ,16October 1974Secretariat-General
DRAFT REGULATION IMPLEMENTING REGULATION
NO CONCERNING COMMUNITY LOANS
(submitted totheCouncil bytheCommission )
COM(74 )1720 final

DRAFF REGULATION IMPLEMENTING
REGULATION NO CONCERNING
COI4MUNITY LOANS
TheCouncil oftheEuropean Communities ,
Having regard ,totheTreaty establishing theEuropean Economio Community ;
Having regard toCouncil Regulation No of ••••••
concerning Community loans ,andinparticular Article 6thereof ;
Having regard totheproposal from theCommission ,which hasforthis '
purpose oonsulted theMonetary Committee ;
Whereas Regulation No...... provides that theCommunity shall asneoessary
undertake operations toaoquire funds tore-lend tooneormore Member States
inbalanoe ofpayments difficulties duetotheincrease intheprice of
.1
petroleum products ;
.
Whereas ,inorder toensure that theCommunity debt isatalltimes duly
serviced ,asregards "both capital andinterest ,itisessential todefine
theconditions under which theCommunity shall "beentitled toreoeive from
theother Member States thenecessary foreign exchange ifthedebtor Member
State finds itself unable tomake payment ontheduedate ordates ;
Whereas aprocedure must beprovided whereby examination maybemade both
ofthecircumstances preventing adebtor Member State from meeting its
obligations inrespect ofthedebt andofthose inwhioh aMember State
might beexempted f*om thearrangements fortheMember States toprovide
theCommunity with theforeign exchange duefrom thedebtor Member :State ;
»,
HASADOPTED THIS REGULATION : ,

Article 1
Where itisfound ,inaccordance with theprocedure laid down inArticle 5,
that aMember State which hasreceived aloan from theCommunity isunable
inwhole orinpart tcprovide thenecessary foreign exchange tomake a
payment falling dueinrespect ofsuch loan ,theother Member States shall
beunder anobligation toprovide theCommunity intheproportions specified
inArticle 2with this foreign exchange .
Article 2
Theforeign exchange retired oftheMember States pursuant toArticle 1
shall beprovided bythem inthefollowing proportions *
This scheme ofapportionment shall beapplied bydividing thetotal finano -
ingrequirement among theother Member States intheprescribed proportions
without taking account ofthedebtor Member State 'squota .
Article 3
Ifunder theprocedure provided forinArticle 6oneormore Member States
aretemporarily exempted inwhole orinpart from providing theCommunity ;
with foreign exchange duefrom thedebtor Member State ,thescheme ofappor­
tionment set outinArticle 2shall beapplied without taking account ofthe
quotas ofthese Member States . »Germany
United Kingdom
France22.02% Italy
22.02% Belgium /Luxembourg
22.02 f<> Netherlands ..14.68%
7.34/°
7.34 /°
Denmark
Ireland3.30%
1.28#
Article 4
However ,noMember State mayberequired toprovide theCommunity with an
amount offoreign exchange which exceeds theappropriate percentage as
i
follows ofthe total amount ofthe loan t

-3-
/
44.047 »
44.04$
44.04$Germany
United .Kingdoffi
FranceBelgium/Luxembourg
Natherlanâ »
Denmark
IrelandItaly 29.36$
14.68$
14.68$
6.60$
2.56$j
2.Ifthis limit isreached andthere remains a"balance to "befinanced ,this
latter shall bedivided inproportion totheir original quotas among the
Member States which otherwise would have been completely exempted front
participating intheoperation .
Article 5 i
1.When aMember State receives aloan from theCommunity ,theCommission in
collaboration with theMonetary Committee andtheCommittee ofGovernors
shall take thenecessary measures toverify that theeconomic policy ofthis
State acoords with theconditions laid down bytheCouncil pursuant to
Article 5ofRegulation No of .Tothis end ,the
Member State shall place atthedisposal oftheCommission allthenecessary
information . '
2.Such action shall bestrengthened asthedate fortherepayment ofthefirst
instalment ofcapital approaches , '
ι
3.Should itappear that aState mayhave difficulty inmaking apayment 'on
,theduedate ,theCommission incollaboration with theMonetary Committee
andtheCommittee ofGovernors shall ,sufficiently inadvance ofthedue
date ,make aspecial examination ofthesituation .This examination 'shall
beconcerned inparticular with thefinancing arrangements available iothe
debtor State both within andoutside theCommunity . •• 1
•4.Ifthis examination indicates that thedebtor Member State will bepartly
orwholly unable tomake payment ontheduedate ,theCommission shall pro­
pose totheCouncil that itimplement therefinancing arrangements described
inArticles 2-4above .TheCounoil shall decide upon such proposal j>ya
qualified majority . ;
Iftheexamination raises serious doubts asregards thedebtor Member State 's
which mayinclude aproposal that itimplement therefinancing arrangements .
Intheabsence ofsuch aproposal ,thedebtor Member State maymake applica­
tion totheCouncil ,which shall decide thereon byqualified majority after!
alleged incapacity topay .theCommission shall make areport totheCouncil ,
consulting theMonetary Committee andtheCommittee ofGovernors#

Article6
AnyMemberStatewhichwisneatobeexemptedfromparticipating in
refinancingarrangements owingtobalanceofpaymentdifficulties and/or
seriousdeterioration initsforeignreservepositionshallmakeknownit
reasonsattheexaminationprovidedforinArticle5(3).Theprocedure
providedforinArticle5(4)shallapplytosuchrequest.
Article7
AnyMemberStatewhichhasbeenexemptedmwholeorinpart,whetheras
regardsapaymentinrespectofitsownloanorasregardsparticipation
inrefinancing arrangements ,shallbeunderanobligationtomakepayment
ortoprovideitsshareassoonasitsbalanceofpaymentssituationand
foreignexchangereservepositionsopermit.
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicable
inallMemberStates.
DoneatBrussels,
FortheCouncil,
ThePresident.

-3-
νί/,-'Λ·%t
Germany 44.04% Italy 29.36$J
United .Kingdom 44.04$ Belgiura/Luxembourg 14.68 /»
France 44.04$ Natherlanda 14.637 » s
Denmark 6.60>
Ireland 2.56$;
2.Ifthis limit isreached andthere remains a"balance to "befinanced ,tnis
latter shall bedivided inproportion totheir original quotas among the
Member States which otherwise would have "been completely exempted front
participating intheoperation .
Article 5 i
1.When aMember State receives aloan from theCommunity ,theCommission in
collaboration with theMonetary Committee andtheCommittee ofGovernors
shall take thenecessary measures toverify that theeconomic policy ofthis
State acoords with theconditions laid down bytheCouncil pursuant to
Article 5ofRegulation No of ,Tothis end ,the
Member State shall place atthedisposal oftheCommission alltheneoessary
information . '
2,Such action shall bestrengthened asthedate fortherepayment ofthefirst
instalment ofcapital approaches , '
ι
3.Should itappear that aState mayhave difficulty inmaking apayment 'on
,theduedate ,theCommission incollaboration with theMonetary Committee
andtheCommittee ofGovernors shall ,sufficiently inadvance ofthedue
date ,make aspecial examination ofthesituation .This examination shall
beconcerned inparticular with thefinancing arrangements available iothe
debtor State both within andoutside theCommunity . «■ . ' 1
•4.Ifthis examination indicates that thedebtor Member Stats will bepartly
orwholly unable tomake payment ontheduedate ,theCommission shall pro­
pose totheCouncil that itimplement therefinancing arrangements desoribed
inArticles 2-4above .TheCouncil shall decide upon such proposal frya
qualified majority . <
1
Iftheexamination raises serious doubts asregards thedebtor Member State 's
alleged incapacity topay ,theCommission shall make areport totheCouncil ,
which mayinclude aproposal that itimplement therefinancing arrangements .
Intheabsence ofsuch aproposal ,thedebtor Member State maymake applica­
tion totheCouncil ,which shall decide thereon byqualified majority ,after
consulting theMonetary Committee andtheCommittee ofGovernors * j
; ./.

Article 6
AnyMember State which wisnea tobeexempted from participating in
refinancing arrangements owing tobalance ofpayment difficulties and/or
serious deterioration initsforeign reserve position shall make known it
reasons attheexamination provided forinArticle 5(3). Theprocedure
provided forinArticle 5(4)shall apply tosuch request .
Article 7
AnyMember State which hasbeen exempted mwhole orinpart ,whether as
regards apayment inrespect ofitsownloan orasregards participation
inrefinancing arrangements ,shall beunder anobligation tomake payment
ortoprovide itsshare assoon asitsbalance ofpayments situation and
foreign exchange reserve position sopermit .
This Regulation shall bebinding initsentirety anddirectly applicable
inallMember States .
Done atBrussels ,
FortheCouncil ,
The President .