ARCHIVES HISTORIQUES
DELACOMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (82)487
Vol.1982/0164

Disclaimer
Conformément aurèglement (CEE, Euratom) n°354/83 duConseil du1erfévrier 1983
concernant l'ouverture aupublic desarchives historiques delaCommunauté économique
européenne etdelaCommunauté européenne del'énergie atomique (JOL43du15.2.1983,
p.1),telquemodifié par lerèglement (CE, Euratom) n°1700/2003 du22septembre 2003
(JOL243du27.9.2003, p.1),cedossier estouvert aupublic. Lecaséchéant, lesdocuments
classifiés présents dans cedossier ontétédéclassifiés conformément àl'article 5dudit
règlement.
Inaccordance with Council Regulation (EEC, Euratom) No354/83 of1February 1983
concerning theopening tothepublic ofthehistorical archives oftheEuropean Economic
Community andtheEuropean Atomic Energy Community (OJL43,15.2.1983, p.1),as
amended byRegulation (EC, Euratom) No1700/2003 of22September 2003 (OJL243,
27.9.2003, p.1),this fileisopen tothepublic. Where necessary, classified documents inthis
filehave been declassified inconformity with Article 5oftheaforementioned regulation.
InÜbereinstimmung mitderVerordnung (EWG, Euratom) Nr.354/83 desRates vom 1.
Februar 1983 über die Freigabe der historischen Archive der Europäischen
Wirtschaftsgemeinschaft undderEuropäischen Atomgemeinschaft (ABI. L43vom 15.2.1983,
S.1),geändert durch dieVerordnung (EG, Euratom) Nr.1700/2003 vom 22.September 2003
(ABI. L243vom 27.9.2003, S.1),istdiese Datei derÖffentlichkeit zugänglich. Soweit
erforderlich, wurden dieVerschlusssachen indieser Datei inÜbereinstimmung mitArtikel 5
dergenannten Verordnung freigegeben.

COM(82)487 final
COMMISSION Brussels,20July1982
OFTHE
EUROPEAN COMMUNITIES FOROFFICIAL USEONLY
GeneralSecretariat
Proposal for a
DECISION OFTHE COUNCIL
I
amending theDecisions ofkApril 1978 and 16November 1981 )
ontheapplication ofcertain Guidelines inthe field
ofofficially supported export credits
(submitted totheCouncil bytheCommission )
C0M(82 )487 final

EXPLANATORY MEMORANDUM
OnJune19,1982,M.WALLEN,Chairmanofthemeetingsof
Participants intheArrangement onGuidelinesforOfficially Supported
••
ExportCredits(the"Consensus")submittedtotheParticipants alast
compromise proposal.
FollowingtheCouncilmeetingofJune30,1982,all
Participants haveagreedtothenewArrangement .ThisArrangement
becameeffective onJuly6,1982,andwillremaininforceuntil
May1,1983.
t
ThepresentproposalissubmittedtotheCouncilinview
oftheformaladoptionofthenewtextoftheArrangement .

Proposal for a,
DECISION OFTHE COUNCIL
amending theDecision of4April 19?8 and 16November 1981
ontheapplication ofcertain Guidelines inthefield
ofofficially supported export credits
THE COUNCIL OFTHE EUROPEAN COMMUNITIES
Having regard totheTreaty establishing theEuropean
Economic Community ,and inparticular Article 113thereof .
Having regard totheproposal from theCommission ,
/
/

-2-
WhereastheCommunityispartytotheArrangement onguidelines
forofficially supportedexportcredits;
WhereasthisArrangement wasthesubjectoftheCouncilDecisionof
4April1978;whereasthatDecisionhasbeenextendedonanumber
ofoccasions,mostrecentlybytheDecisionof16November1981;
•*
Whereas,inviewofdevelopments intheworldeconomicsituation,
itcontinuestobenecessarytominimizecounterproductive
competition inthefieldofofficially supportedexportcredits
andtoreinforceinternational co-operation topreventaworsening
ofthetermsofsuchcredits;
•i
WhereastheCouncilaccordingly adopteddirectives inaccordance with
.4
whichtheCommission wastoexpresstheCommunity'spositioninthe
international negotiations ontheamendmentoftheArrangement ;
Whereastheresultsofthenegotiations ontheamendmentofthe
Arrangement correspondtotheinterestsoftheCommunity;
WhereastheotherpartiestotheArrangement accepttheresults
oftheabove-mentioned negotiations ;
Whereas,intheinterestsoftheCommunityandinordertogive
effecttotheprincipleofinternational co-operation,itis
necessaryfortherevisedArrangement tobeappliedinthe
Community;

HASADOPTED THISDECISION
Article 1
Thevalidity oftheDecision of16November 1981isextended
until5July1982.
Article 2
Prom6July1982,theAnnexestotheDecisions of4April1978
and16November 1981areamendedandcompleted asindicated in
AnnexesIandIIhereto.
.4
Article 3
!
Thisdecision isaddressed totheMemberStates.
DoneatBrussels ,
FortheCouncil .
ThePresident

ANNEXI
AMENDMENTS TOTHEARRANGEMENT ONGUIDELINES FOROFFICIALLY
SUPPORTEDEXPORTCREDITSAPPLICABLE FROM6JULY1982TO1MAY1983
1.Paragraph 3shallbereplacedbythefollowing :
"3.MINIMUMINTEREST RATE
(a)Thefollowing minimumratesofinterestwillapplywhere
Participants areproviding ,officialfinancingsupportby
wayofdirectcredit,refinancing orinterestratesubsidy
CLASSIFICATION
OFCOUNTRY (1)NUMBEROFYEARSINMAXIMUM
REPAYMENT TERMS
•
. 2-5
•lOVER5-8.5 OVER8.5-10
I.RELATIVELY RICH12.15%12.40% N/A
II.INTERMEDIATE <2)10.85%'11.35% N/A
III.RELATIVELY POOR
!10.0%10.0%10.0
(b)Itisunderstood thatifcommercial lendingratesofinterest
forthenationalcurrencyinaParticipant 'scountryfall
belowthelowestminimumlevelat(a)above/anyParticipant
mayprovidesjjchofficialfinancingsupportforexportcredit
inthatcurrencycarryinginterestatratesbelowtheabove
guidelines,providedthatthe,interestratechargedforthe
export-creditwhichisbeingfinancedasawholeorinpart
withsuchofficialsupport,isnotlessthanthecommercial
interestreferencerate(3)increasedby0.3percentage points
perannum.
(1)Forcriteriaunderlyingtheclassification cf.Paragraph11(a)(8).
(2)SpecificprovisionsforcountriesnewlytobeclassifiedincategoryII.
ForcountriesmovingfromcategoryIIItocategoryiiasaresulfofthe
abovereclassification :
a)themaximumrepaymenttermscontinuetobe10years,theminimuminterest
rateapplicabletotheperiodofover8.5to10yearsbeingthesameasthat
fortheperiodofover5to8.5years.
b)Until31stDecember,1982aminimuminterestrateof10.5%willbeapplied
forrepaymenttermsofbetween2and5yearsandof10.75Zforrepayment
termsofover5to10years.
(3)ForJapanthecommercialinterestreferencerateisthelongtermprimerate
(LTPR).

-2- ANNEXI
(c)Interest onanexportcreditwhichisofficially supported byway
ofdirectcredit,refinaneing,eligibility foraninterestsubsidy/
guarantee orinsurance shallnormally notbecapitalized during
therepayment termbutshallbepayablenotlessfrequently than
everysixmonths,commencing notlaterthansixmonthsafterthe
starting point.IfaParticipant intendsnottofollowthenormal
practice,theParticipant willgivepriornotification inaccordance
withtheprocedure setforthinParagraph 9(b)(1)."
1»' .*
I i
Paragraph 6shallbereplaced bythefollowing :
'6.COMMITMENTS AND'PRIORCOMMITMENTS
•i
(a)Individual transactions notcovered bylinesofcredit= =^ ^ ;~
Newcommitments shallnotbemadeforperiodsexceeding sixmonths,
inthecaseofchangesinthe *guidelines oftheArrangement ,the
supportofcredittermsnotinconformity withtheguidelines as
modified shallnotbejustified afteraperiodofsixmonthsfrom
th<»dateofmodification.N on-conforming commitments stilloutstanding
atthatmomentshallbenotified tootherParticipants immediately ,
utilizing thestandard formsetoutinAnnexB.
(b)Linesofcrédit
Thegeneralconditions ofalineofcredit,whether neworonethat
isbeingrenewedorprolonged,shallnotbefixedforaperiod
exceedi.ng sixmonths.Inthecaseofchangesintheguidelines of
ψthisArrangement ,thesupportofcreditconditions attributable to
thelinesofcreditwhicharenotinconformity withthemodified
guidelines shallnotbejustifiedafteraperiodofsixmonths
fromthedateofmodification .Creditlinesnotinconformity
witntheguidelines asmodifiedstilloutstanding atthatmoment
shallthenbenotified immediately toallotherParticipants
utilising thestandard formsetoutinAnnexA.

-3-ANNEXI
Ce)Matching
(1)AnyParticipant hastherighttomatchthetermssupported
byanotherParticipant underapriorcommitment .
(2)ThematchingParticipant willmakereasonable effortsto
determine 'whether non-conforming termsofapriorcommitment
foranindividual transaction orofapriorcre.ditline
willbeusedtosupport aparticular transaction .This
Participant willbeconsidered tohavemadesuchreasonable
effortsifithas•informed bytelextheParticipant
assumedtooffersuchnon-conforming termsofitsintention •
,tomatchbuthasnotbeeninformedwithinthreeworking
daysthatthepriorcommitment orpriorcreditlinewill
•notbeusedtosupportthetransaction inquestion .
(3)Insofar astheindividual transactions referred toin
paragraph 6(a)areconcerned ,thematchingParticipant
willfollowtheprocedure setforth+»Paragraph 9(b>(2)
and(3).
(4)Insofaraslinesofcreditreferred toinparagraph 6(b)
areconcerned /eachParticipant hastherighttomatchthecredit
termsoffered byanotherParticipant .onanindividual
transactions basisorbymeansofanotherlineofcredit;
Ifthelattermetiiod^fi^ciate ofexpiryofthematching
lineofcreditshallnotsurpassthelengthofcommitment
madewithintheframework ofthelineofcreditbeing
matched .
(5)IfaParticipant matching acreditlineintendstosupport
termswhichincludeanyothernon-conforming elementthe
Participant shallfollowthepriornotification anddiscussion
procedure setforthinParagraph 9(a)(2)(H).Assoonas
aParticipant commitsitselfitmustinallcasesimmediately
informallotherParticipants accordingly .

-4-ANNEXI
Paragraph 11Ca)shallbereplacedbythefollowing :
"11-DEFINITIONS ANDRELATEDPROVISIONS
(a)ForthepurposesofthisArrangement :
(1)Cashpaymentsmeanspaymentstobereceivedforgoodsand
servicesexportedbythecompletionoftheexporter's
contractual obligations,' thedateofcompletion being
determined bythestartingpoint.
(2)Commitment meansanyarrangement ordeclaration,inwhatever
form,bymeansofwhichtheintentionorwillingness to
refinance,insureorguaranteesuppliercreditsortogrant,
,refinance,insureorguaranteefinancialcreditsisbrought
totheattentionoftherecipientcountry,thebuyerorthe
•borrower,theexporter,orth£financialinstitution .
(3)Alineofcreditsignifiesanyunderstanding orstatement,
inwhateverform,iwherebytheintentiontograntcredit
benefiting fromofficialfinancingsupportuptoaceiling
andinrespectofaseriesoftransactions ,linkedornot
toaspecificprojectisbroughttotheattentionofthe
recipientcountry,thebuyerortheborrower,orthe
financialinstitution .
(4)Tiedaidcreditmeansacreditwhichisprovidedfordevelopment
aidpurposesandwhichisfinancedeitherexclusively from
publicfunds,or,asamixedcredit,partlyfrompublic
andpartlyfromprivatefunds.Thegrantelementofeach
creditisthemeasureofconcessionality ofanofficially
supportedcredit,expressedasapercentage,asdefinedbythe
Development Assistance CommitteeoftheOECD.Thegrant
elementofatiedaidcreditisdetermined bydividing (i)
thesumoftheresultsobtainedbymultiplying thefacevalue
ofeachcreditcomprisingthetiedaidcreditbythe
respectivegrantelementofeachcreditby(ii)the
aggregatefacevalueofthecredits.

ANNEXI
-5-
(5)Repayment termmeanstheperiodoftimecommencing
atthestarting pointandterminating onthedateofthe
finalpayment.
(6)Starting pointisthesameastheBerneUniondefinition
currently inuseandisasfollows :
(i)Inthe'caseofacontract forthesaleofcapitalgoods
consisting ofindividual itemsusableinthemselves
(e.g.locomotives ),thestarting pointisthemean
dateoractualdatewhenthebuyertakesphysical
possession of-thegoodsinhisowncountry.
(n)Inthecaseofacontract forthesaleofcapital
equipment forcomplete pl'antorfactories wherethe
supplier hasnoresponsitji lityforcommissioning ,
thestarting pointisthedatewhenthebuyeristo
takephysical possession oftheentireequipment
(excluding spareparts)supplied underthecontract .
(iii)Inthecaseofconstruction contracts wherethecontractor
hasnoresponsibility forcommissioning ,thestarting
pointisthedatewhenconstruction hasbeencompleted .
(iv)Inthecaseofanycontract wherethesupplier or
contractor hasacontractual responsibility for
commissioning ,thestartingpointisthedatewhen
hehascompleted installation ofconstruction and
preliminary teststoensurethatitisreadyfor
operation .Thisapplieswhetherornotitishanded
overtothebuyeratthattimeinaccordance withthe
termsofthecontract andirrespective ofany
continuing commitment whichthesupplierorcontractor
mayhave,e.g.forguaranteeing itseffective
functioning orfortraining localpersonnel .

-6-ANNEXI
(v)Inthecaseofparagraphs (ii),(iii)and(iv)
abovewherethecontractinvolvestheseparate
executionofindividualpartsofaproject,the
dateofthestartingpointisthedateofthestarting
pointforeachseparatepart,orthemeandateof
thosestartingpointsor,wherethesupplierhas
»•
acontract,notfor.thewholeprojectbutfor
anessentialpartofit,thestartingpointmay
bethatappropriate totheprojectasawhole.
(7)Interestexcludes -:
(i)Anypaymentbywayofpremiumorotherchargefor
1
insuringorguaranteeing suppliercreditsorfinancial
credits; k
(ii)Anyotherpaymentbywayofbankingfeesorcommissions
associated withtheexportcredit,otherthanannual
orsemi-annual bankchargespayablethroughout the
repayment term;and
(iii)Withholding taxesimposedbytheimportingcountry.
Theclassification ofcountriesinparagraph 3(a)is
basedonthefollowingcriteria :
Cat.ICountrieswithapercapitaincomeofoverUSDollar
4.000p.a.accordingtothedefinite1979figures
showninthe1981WorldBankAtlas.
Cat.IICountriesnotclassified withcategories IorIII.
Cat.IllCountrieseligibleforIDAcreditsplusanyothers
ontheIBRDlistoflowincomecountries and
othercountriesorterritories,theGNPpercapita
ofwhichwouldnotexceedtheIDAeligibility level.

ANNEXII
COMPLEMENTARY UNDERTAKINGS ANDDECLARATIONS
BYPARTICIPANTS TOTHEARRANGEMENT ONGUIDELINES
FOROFFICIALLY SUPPORTED EXPORT CREDITS
••
(a)Declaration ofno-derogation engagement
from15thOctober 1982onward,Participants agree(i)nottoavail
themselves ofthepossibilities provided forinparagraph 9(a)(1)
oftheArrangement forderogations withrespecttomaximum
repayment terms(whatever theformofsupp'ort)orminimuminterestrates
(ii)nottosupporttiedaidcreditshavingagrantelementof
Lessthan20percent.
t
(b)AccesstoYenfinancing
Participants notedastatement bythedelegate forJapanthatyen
financing willbeopentoParticipants withoutdiscrimination between
Participants .
(c)Methodsofcalculation ofthegrantelementof.tiedaidcredits
Participants agreedthatastudyofthemethodofcalculation ofthe
cjrantelementoftied'aidcreditsshouldbeundertaken .
(d)Termsofexportcreditsforaircraft andnuclear powerplants
Participants agreedtoproceed tonegotiations onagreements on
termsofexportcreditsforaircraft andnuclearpowerplants.