ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(82)60
Vol.1982/0020

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COMMISSION
OFTHE
EUROPEAN COMMUNITIES
GeneralSecretarialCOM(82)60final
Brussels,19February1982
FOROFFICIAL USEONLY
Recommendation fora
COUNCILDECISION
onthepositiontobetakenbytheCommunityattheinternational
negotiationstoadjustcertainprovisionsoftheOECDUnderstanding
onExportCreditsforShips
(submittedtotheCouncilbytheCommission'
COM(82)60final

EXPLANATORY MEMORANDUM
1.TheCommunityisamemberoftheOECOUnderstanding onExportCredits
forShips.TheminimuminterestrateundertheUnderstanding is8%,a
figureLaiddownin1974.
2.Untilrecentlythisrateofinterestwasnotsignificantly outofline
withtheminimumratesprescribedintheArrangement on(juidelinesfor
OfficiallySupportedExportCredits(theConsensus),butnowthatthe
successfulOctober1981negotiations haveraisedtheConsensusrates,
thegapbetweenthelowestoftheserates(upfrom7.75%to10%)and
thesingleinterestrateintheUnderstanding ismuchwider.Itwould
thereforeseemlogicaltoadjustthelatterrateaswell.
3.InthecourseofexploratorytalksatthelastOECDmeeting,on26
November,itwasclearthatalltheotherparticipants intheUnderstanding
withtheexceptionofJapanwantedasubstantial increaseinthepresent
figure.Japantookamorerestrictive view.
4.Althoughthereareweightyargumentsinfavourofariseintheinterest
rates,sinceaminimumsetwellbelowtheprevailingmarketratesimplies
extensivesubsidization ,cautionisadvisablebecauseofthechronic
difficulties intheshipbuilding industry.Alltheparticipants havehad
tosupporttheirshipbuilding sectorinonewayoranother,andthe
creditfacilitiesallowedundertheUnderstanding provideonemeansof
doingso.Asubstantialriseininterestratescouldfurtherdepress
analreadyshakyworldmarket,andalsogiveanaddedadvantagetoanumber
ofcountrieswhicharenotpartytotheUnderstanding butwhicharesteadily
improvingtheirpositiononthemarketasitis.

Althoughsomeincreaseintheminimumrateprescribed bytheUnderstanding
seemsadvisable,suchanadjustmentmusttakeaccountofinterestrate
levelsonvariousparticipants' domesticmarkets.InJapan,themain
producer,whichsecuresover50%oftheneworderstakenbythe
participants asawhole,thelong-term primerateiscurrently
8.6%.Japaneseexportpricesandcredittermslargelysetthepace
fortheworldmarketasawhole,whetheronordersfromnational
shipownersorexportorders.
Totakeaccountbothoftheneedforanupwardsadjustmentinthe
minimuminterestratelaiddownbytheUnderstanding andofthe
positionoftheindustryinthefaceoftheinternational competition
theCommissionadvocatesanincreaseintheratewithinthefollowing
margin:
Theminimuminterestrate,currently8%,shouldbe
raisedtoaminimumof8.5%andamaximumof9.5%,
providedtherevisedratealsoappliestocreditswithofficial
financingsupporteven inthecaseofcurrenciesforwhich
commercialinterestratesarelowerthanthisfigure.
Intheinterestsofclarity,clause1oftheUnderstanding shouldbe
amended.Althoughrepaymenttermsdoapplytobothprincipaland
interest,theclauseoughttoberewordedtoincludeinterest
explicitly.
TheCommissionconsidersthatthenegotiatingdirectivesapproved
bytheCouncilinJuly1979arestillvalid,particularly asregards
thealignmentoftheprocedureslaiddownbytheUnderstanding on
ExportCreditsforShipsonthoseinforceundertheConsensus.

RECOMMENDATION FOR A
COUNCIL DECISION
ontheposition tobetaken bytheCommunity attheinternational
negotiations toadjust certain provisions oftheOECD Understanding
onExport Credits forShips .
THE COUNCIL OFTHE EUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Economic
Community ,and inparticular Article 113thereof .
Having regard totheRecommendation from theCommission ,

-2-
Whereasitisnecessarytosupplementthedirectivesadoptedunder
theCouncilDecisionof24July1979ontheCommunity'sposition
withintheOECDregardingCommunityparticipation intheUnderstanding
onExportCreditsforShipsandamendmentstothatUnderstanding ,
HASDECIDEDASFOLLOWS :
SoleArticle
Intheinternational negotiations toadjustcertainprovisions
oftheOECDUnderstanding onExportCreditforShipstheCommission
shallexpresstheCommunity'spositioninaccordancewiththe
directives annexedhereto.
Itshallproceedinconsultation withthespecialcommitteeprovided
forinArticle113oftheTreaty,whichshallassistitinits
task.
DoneatBrussels,
FortheCounciI
ThePresident

ANNEX
NEGOTIATING DIRECTIVES
1.TheminimuminterestrateistobeincreasedfromthepresentLevel
of8%toaminimumof8.5%andamaximumof9.5%.
2.Inthecaseofofficialfinancingofexportcreditsinacurrency
forwhichcommercialinterestratesarelowerthantheminimum
ratelaiddownintheUnderstanding ,theminimuminterestrate
chargedontheportionofthecreditwithofficialfinancing
supportshouldconformtotheminimumratelaiddowninthe
Understanding .
3.Thewordingofclause1shouldbeamendedtomakeitclearthat
therepaymenttermsapplytobothprincipalandinterest.
I