NoC210/20 OfficialJournaloftheEuropeanCommunities 4.8.93
ProposalforaCouncilDecisionontheprovisionofCommunityinterestsubsidiesonloansfor
SMEsextendedbytheEIBunderitstemporarylendingfacility
(93/C210/19)
COM(93)332final
(SubmittedbytheCommissionon9July1993)
medium-sized ones,intheCommunity('),andwhereas
thisDecisionhasbeenrevisedbyDecision
91/319/EEC(2);
Whereasbywayofitsresolutionof17June1992(J),the
Councilhasrecommended theCommissiontopursuethe
necessaryactioncontributing toafavourable
environmentfortheenterprises,notablytheSMEs;
WhereastheCounciladoptedon14June1993Decision
93/.../EEConamultiannualprogrammeof
Communitymeasurestointensifythepriorityareasand
toensurethecontinuityandconsolidationofpolicyfor
enterprise,inparticularSMEs,intheCommunity ;
Whereasthefacilityshallbemadeavailablethroughout
theCommunityandbeimplementedassoonaspossible;
Whereasthefacilityshallbeused,whereappropriate,in
conjunctionwithotherrelevantCommunityfinancial
instruments ;
Whereaspartofthebudgetaryappropriations necessary
forthepaymentofinterestsubsidiesonadditionalloans,
extendedonsimilarconditionsastheonescoveredby
thepresentdecision,shallbemadeavailablethroughthe
structuralfunds,fortheshareconcerningtheregions
eligibleundersuchfunds,whichisestimatedat60%of
thetotalvolumeoftheloans,underthefacility,and
whereasthepresentdecisionshallprovidethe
complementary coverforoperationsoutsidethese
regions;andwhereasitwouldbeappropriatetomake
availableuptoECU400millionofloansunderthis
facilitytoregionsnoteligibleforCommunitystructural
assistance;
WhereastheEIBhasindicateditswillingnessto
participateintheimplementation ofthepresentdecision;
WhereastheEIBandtheCommission shallenterintoa
cooperationagreementontheimplementation ofthe
facility;
WhereastheTreatyincludesnoprovisionotherthan
Article235fortheadoptionofthepresentdecision,THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyinstitutingtheEuropean
EconomicCommunityandinparticularArticle235
thereof,
HavingregardtotheproposalbytheCommission,
HavingregardtotheopinionoftheParliament,
WhereastheEuropeanCouncilinEdinburghinvitedthe
EuropeanInvestmentBank(EIB)togiveurgentand
sympatheticconsiderationtotheestablishmentofanew,
temporarylendingfacilityofECU5billionwithinthe
EIB,inordertoacceleratethefinancingofcapitalinfra­
structureprojectsnotablyconnectedwithtrans­
Europeannetworks(TENs),andwhereastheBoardof
GovernorsoftheEIBdecidedtocreatethisfacilityon
10February1993;
WhereastheEuropeanCouncilinCopenhagenhas
invitedtheEIBtoincreasethisfacilitybyECU3billion
andtoextenditsdurationbeyond1994;whereasECU1
billionofthisincreasewillbeallocatedforthestrength­
eningofthecompetitiveness ofEuropeansmalland
medium-sized enterprises(theSMEfacility);
WhereastheEuropeanCouncilinCopenhagenalso
invitedtheCouncil(Ecofin)toexaminehowpart
availableforSMEscouldbenefitfrominterestrate
subsidiesuptoamaximumofthreepercentagepoints
overfiveyears,whiletheinterestsubsidywouldbe
linkedtoemploymentcreation(similartoexistingECSC
loans)andwouldbefundedwithinexistingfinancial
perspectives ;
Whereasthepresentactionwouldbepartofthe
Communityinitiativetostimulateeconomicgrowth,and
whereastheEuropeanCouncilinEdinburghhas
recognized'theimportanceofSMEsforcreating
employmentandstimulatinggrowth';
WhereastheCounciladoptedon28July1989Decision
89/490/EECrelativetotheimprovement ofthe
environmentofenterprisesandtothepromotionofthe
developmentofenterprises,particularlysmallandOOJNoL239,16.8.1989,p.33.
OOJNoL175,4.7.1991,p.32.
(3)OJNoC178,15.7.1992,p.8.

OfficialJournaloftheEuropeanCommunitiesNoC210/214.8.93
Article2
ThefacilityshallbeadministeredbytheEIBonbehalfof
theCommunity,whilstexercisingthesamediligenceas
fortheoperationscarriedoutwithitsownresources.
Themodalitiesconcerningtheimplementation ofthe
presentdecisionshallbesetoutinacooperation
agreementbetweentheCommissionandtheEIB.
Article3
TheCommission shallinformtheCouncilandthe
Parliamentannuallyontheimplementation ofthe
presentDecision,indicatingtheoverallutilizationofthe
SMEfacilityintheCommunityaswellastheimpacton
thecreationofemploymentandontheinterestratesfor
theinvestmentsbySMEscoveredbythefacility,onthe
basisofthenecessaryinformationmadeavailablebythe
EIB.Afirstreportshallbepresentedbefore10
December1993.HASDECIDEDASFOLLOWS :
Article1
TheCommunityshallprovidesubsidiesforthepurpose
ofloweringtheinterestrateonEIBloanstoSMEsinthe
CommunityuptoamaximumofECU400millionin
principal.TheseloansshallbeextendedbytheBank
underthetermsandconditionsapplyingtotheloans
stemmingfromthetemporaryfacility,whichwas
orginallyestablishedbytheBoardofGovernorsofthe
Bankon10February1993andfurtherextendedbythe
Boardon....Thebenefitofthesesubsidiesshallbe
restrictedtoinvestmentprojectsinvolvingthecreationof
employment .
TheCommunityinterestsubsidiesshallbefixedat300
basispointsandshallbeextendedtothebeneficiariesof
theloansforamaximumperiodoffiveyears.
ProposalforaCouncilDecisionempoweringtheCommissiontocontractborrowingsforthe
purposeofextendingloanstoMemberStatesunderthebridgingfacility
(93/C210/20)
COM(93)332final
(SubmittedbytheCommissionon9July1993)
thepromotionofeconomicgrowthandcompetitiveness
andthefightagainstunemployment ;
Whereasthebridgingfacilitywillcontributetoaccelerate
economicandsocialcohesionwithintheCommunity ;
Whereasimportantresourcescanbemobilizedfromthe
capitalmarketsforthepurposesstatedabove;
Whereasthisfacilitywillhaveaneconomiceffectgoing
farbeyonditsnominalsize;
Whereastheimplementation ofthebridgingfacility
shouldnotmodifyinanywaytheobjectivesandprin­
ciplesapplyingtotheStructuralFundsandtheCohesion
Fund;
Whereastheuseofthebridgingfacilityinthecontextof
eligibleprojectsundertheCohesionFundmayonlybe
consideredoncethisinstrumenthasitsdefinitivelegal
base;
Whereasthebridgingfacilityshallbeavailableto
MemberStatesonavoluntarybasis;
WhereastheTreatyincludesnoprovisionotherthan
Article235fortheadoptionofthepresentdecision;THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyinstitutingtheEuropean
EconomicCommunityandinparticularArticle235
thereof,
HavingregardtotheproposalbytheCommission,
HavingregardtotheopinionoftheParliament,
Whereas,inordertoboostaheadofschedulethe
investmentprojectsundertheStructuralFunds,the
EuropeanCouncilinCopenhageninvitedtheEcofin
CounciltoexamineaproposalfromtheCommission
thatwouldenableMemberStatestodrawona
Communitybridgingfacilityatmarketinterestratesup
toamaximumofECU5billionavailableuntiltheendof
1995;
WhereastheEuropeanCouncilconcludedthat
repaymentofthisCommunityloanwouldbedrawn
fromStructuralFundappropriations insubsequentyears;
andthatsimilararrangementscouldbeappliedtothe
CohesionFund;
Whereasthiswouldconstituteanimportantshort-term
measureattheleveloftheCommunityinthecontextof