ARCHIVES HISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(76)613
Vol.1976/0188

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(76)613 final.
Luxembourg .17November 197° *
•Proposal fora
COUNCIL REGULATION
amending Regulation (EEC)No2306/70onthefinancing ofintervention
expenditure inrespectoftheinternal marketinmilkandmilkproducts
(submitted totheCouncil bytheCommission )
C0M(76)613final.

EXPLANATORY MMORAITOUM
1.Theexpenditure financed ToytheGuarantee SectionoftheEAGGFin
respectoftheoperations comprising thebuying^-in ,storageandre-sale
ofagricultural productsbyintervention agencies,knownassecond-category
intervention measures,islistedinafinancial accountperagricultural
productat31Decemberofeachyear.Thisrecordincludesthevaluation
ofend-of-yearstocks.
2.Ingeneral,thisvaluationiseffectedonthebasisoftheintervention
price,exceptwherethegoodshavedepreciated asaresultofstorage.
Thus,fortheintervention stocksofbeefandvealremainingattheend.
oftheyear,CouncilRegulation (EEC)No2305/70providesforadepreciation -
coefficient tobelaiddownbytheCommission afterreceivingtheopinionof
theManagement Committee,thiscoefficient being'atpresentabout25$.For
milkoroducts,thereisadepreciation coefficient of6%forbutterfixedby
CouncilRegulation (EEC)No2306/?0.ThisRegulation doesnotlaydownany
depreciation coefficient forskimmedmilkpowder.
3.Inviewofthepresenthighlevelofpublicstocksofmilkpowder,
involvingrelatively longstorageperiods,itisnecessarytoholdspecial
salesatreducedpricesforpowderwhichhadbeeninstorageforsometime,
whichwillresultinsubstantial financiallosses.Itisadvisabletotake
thissituationintoaccountwhenvaluingend-of-yearstocks.Itistherefore
proposedthatmilkpowderboughtinbytheintervention agenciesbefore
1January1976andstillinstorageafter31December1976shouldbedepreciated
by30%inrelationtoitsintervention priceinthefinancialaccountstobe
established fromthelatterdate.Thisdepreciation ,whichcoversabout
600000tofpowder,willendwhenthestocksofpowderinquestionare
exhausted .

Proposal for aCouncil Regulation
amending Regulation (EEC)No2306/70
onthefinancing ofintervention
expenditure inrespect oftheinternal
market inmilk and milk products
THECOMMISSION OPTHEEUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Economic Community ,
Having regard toCouncil Regulation (EEC)NO729/70of21April 1970 onthe
financing ofthecommon agricultural policy ^"^,aslastamended "byRegulation
(EEC)No2788/72^^,andinparticular Article 3(2)thereof ,
Having regard totheproposal from theCommission ,
Whereas Council Regulation (EEC)No2306/70of10November 1970 onthefinancing
ofintervention expenditure inrespect oftheinternal market inmilk andmilk
(Z) .. ,-.,( 4)products ,aslast amended byRegulation (EEC)No /76 ,provides that the
intervention expenditure arising from theoperations ofbuying-in ,
storing andreselling theproducts concerned istobedetermined bymeans
oftheannual accounts ;whereas these accounts indicate thevalue ofthe
stocks tobecarried over tothefollowing year ;
Whereas thesaid Regulation lays down that ,forskimmed milk powder ,the
value ofthestocks tobecarried over should bebased ontheintervention
price ;whereas ,inview ofthepresent stock position ,thevalue ofthestocks
tobecarried over must allow for some depreciation inthevalue ofpowder
which has been stored over along period ,
HAS ADOPTED THIS REGULATION :
1)OJNoL94,28.4.1970 ,p.13
2)OJNoL294 ,30.12.1972 ,p.1
3)OJNoL249 ,17.11.1970 ,p.4
4)OJNoL

Article 1
Thefollowingsubparagraph isherebyaddedtoArticle5(1)(a)and(2)(b)of
Regulation (EEC)NO2306/70S
"However,startingwiththeaccounts .tobedrawnupat31December1976,in
respectofanyquantities ofpowderboughtbefore1January1976,thevalue1
thuscalculated shallbemultiplied byacoefficient of0.70".
Article 2
ThisRegulationshallenterintoforceonthethirddayfollowingitspublication
intheOfficialJournaloftheEuropean Communities .
ThisRegulationshallhebindinginitsentiretyanddirectlyapplicable
inallMemberStates.
DoneatBrussels .FortheCouncil
ThePresident

FINANCIAL STATEMENT
|DATEs
i.dumberofrelevant budgetentry:Chau.62item6214
,mrrurîirinn–iiTnf>gffîï *A.11.1976
!"2.Titleofproject:Proposalfora.CouncilRegulationamendingRegulation(EniC)No2306/70onthefinancing ofintervention 'expenditure ontheinternalmarket
inmilkandmilkproducts .
3.legalbasis;Regulation (EEC)Ho729Art.3(2)
amp«aM»t«Q«s»raMw«MB*a»nMmvi
4.Aims:Adjustment ofthevaluation ofend-of-yearintervention stocksof
skimmedmilkpowderwhichhave "beeninstorageforsometime,namely
a30"Jowriting downinrelation totheintervention price.
Multiannual "timetable
5.0.1ofexpenditure –
ta-H*-Multianmia^™t4me'tabl «II IIIΙΙΙ·ΙΙ|ΙIIΚΙΙΚΙ,ηΐ»Π·'ιΤίΜΙ.Ι»ι·Ι II»«ι~Ι>ΤΤΤΓ1ΠΠΜΤ>ΙΓΤΙΙΙΙΙΙ ··ηΒ*·
I5-financialImplications
is.oKXF?r:r)T'n!'-)nFORTHEKAHXETIHQ YEAR-ΤΤΥΠΙι'ΤΤ-'ΐΓ –ίΤΙίΤ'ΤΙΓΙΙΙΙΜΠΜΠΙΙ ιΤΙΙί'Ι ΓΙ'ίΤ"Τι»·
CURRENT FINANCIAL YEAR
176)
I-CHARGEDTOTIEECBUDGET|(RiiTUNIB/lHTERVKJiTIONS ) +164^11•3*•
I–yfTTrrenin,
STm–*mmy/iiwiTiaiii iiii>iwiiuwa*WM6MMiMttWTO»UJWaawWB6liWiTi'gÉttFOLLOWING
Jt_I^NANCIALYEAR|
109
9
118
YEAH
-55
2YEAR.J.m YEAR..1980..
5.2METHODOFcalculation Underthe1976budget,the3070writing aown01enu-01-yearstockswillresultinadditional expenditure of600000tx913*7u.a./tx30%=
64Mu.a.
Thiswritingdownwill,however,entailareduction inexpenditure comparedwith
theforecasts forthe.saleofthepowderinquestion .Ontheassumption that
400000twillbesoldin'1977and200000tin1973,underthe1977budgetthe
reduction inexpenditure wouldbe4/6x164Mu.a.=109Mu.a.andundertru
1973budgetthereduction wouldbe2/6x164^u.a.=55®Iu.a.Inaddition ,under
the1977and1973budgets ,thedepreciation wouldproduceasavingofabout
9and2Mu.a.oninterest costs.
|6,0Cantheprojectbefinancedfromappropriations enteredinthe|relevantchapterofcurrentbudget?YES/EEl
)6,3Appropriations tobeenteredinfuturebudgets? YES/NO
ICOMMENTS t