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DOCUMENTS "COM"
COM(81)647
Vol.1981/0194

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COMMISSION
OFTHE
eiionPFAKI COMMUNITIES
r* ICx•COM(81)647 final
Brussels.6November 1981
FOPOFFICIAL USEONLY
Propsoalfora
COUNCIL DECISION
amendingtheDecisionof4April1978concerningth«
application ofcertainguidelinesinthefieldof
officially supported exportcredits
presented bytheCommission totheCouncil
A/.7

\
<
1.Atthe15thmeetingofParticipants totheArrangement onguidelines
–forofficiallysupportedexportcredits("theConsensus")heldin
Parisbetween5and7October .acompromise,emerged
basedonthefollowingelements:
A)Ageneralriseinthematrixofinterestrateminimaof2.5X
withtheexceptionofcreditswitharepaymenttermgreaterthan
fiveyearsgrantedtorelativelypoorcountries (categoryIII)
forwhichtheincreasewouldbe2.25%.
ThiswillbringtheminimuminterestratesonCategoryIII
creditsto10%irrespective oftherepaymentterm.
B)Asregardsthelowinterestratecountries/i.e.Japan,the
compromiseconsistsoftheCommunity'sproposalwherebyinthe
eventofthecommerciallendingratesofinterestforthenational
currencyinaParticipant'scountryfallingbelowtheminimum
ratesofthenewmatrix,anyParticipant mayprovideofficial
financingsupportforexportcreditsinthatcurrencycarrying
interestatratesbelowtheguidelinesprovidedthatthe
interestratechargedforthatportionofthetotalexport
creditwhichisbeingfinancedwithsuchofficialsupport
isnotlessthan9.25%p.a.
C)TheCommunity'spositiononamanagedsystemofinterestrate •
minimaalsoformspartofthecompromise.Underthissystemthere
willbebothareviewanddecisionbyParticipants ateach
annualreview,inthelightoftheeconomicandmonetarysituation
prevailingatthetime,concerningmodifications whichmight
provetobenecessarytothematrixofinterestrateminima.
Theaimwouldbenotablytobringtheseclosertomarket
rates.Evidentlyontheseoccasions,thesituationwithregard
tothelowinterestratecountrieswillalsobeexaminedwith
allrelevantfactorsbeingtakenintoaccount.EXPLANATORY MEMORANDUM
■■..s' "■

D)TheCommunity'sproposalstomodifytheArrangement'sprocedures
ontiedaidcreditshavealsobeenincludedinthecompromise.
Theseenvisagethatthegrantingoftiedaidcredits
(i)withagrantelementlessthan15%willbesubjecttothe
procedure"priornotification withdiscussion"provided
forinparagraph9(a)(1)oftheArrangement;
(ii)withagrantelementgreaterthanorequalto15%butless
than25%willbesubjecttotheprocedure"priornotification
withoutdiscussion"providedforinparagraph9(b)(1)ofthe
Arrangement;
(iii)withagrantelementgreaterthanorequalto25%tothe
promptnotification procedureprovidedforinparagraph9
(c)(i)oftheArrangement,withoutprejudicetotheofficial
developmentproceduresadministered bytheDAC.
2.Whilethetermsofthecompromiseconformtothegeneralconception
ofthenegotiatingdirectivesstipulatedintheCouncilDecision
of28September1981,therearenevertheless differences ontwo
points.
TheCommissionconsiders,however,thattakingintoaccountthe
realitiesofthesituationtheenvisagedcompromisesafeguards
theessentialinterestsoftheCommunityandavoidsthedangers
thewouldhaveensuedfromahardeningofthenegotiatingpositions
ofitsprincipalpartnersandtheriskofacreditwar.Furthermore
itshouldbeemphasisedthattheenvisagedcompromiseissupported
rrbyallParticipantstotheArrangement.
Thedifferenceswiththeadoptednegotiatingdirectivesare:
A)Theincreaseinthematrixofminimumratesforcountriesin
categoryII(intermediatecountries)andinCategoryIII
(relativelypoorcountries)isgreaterbyanamountof
between0.25£and0.50%fromthelimitsfixedinthemandate.
Ineffect,duringthenegotiations theUSmadeitclear,contrary
towhathadbeenindicatedbyitsdelegationlastJulyduring
the"exploratory"discussionsorganisedinParis,that
anacross-the-boardincreasein.thematrixofinterestrate
minimaoftheorderof2.5%wastheconditionforactiveUSsuppon
(1)TheOECDSecretariat 1isawaitingconfirmation ofPortugal'sagreementt<
thecomDromise .

-3-
forasolutiontotheJapaneseproblemalongthelinesdesired
bytheCommunity.
Asindicatedabove,however,ithasbeenpossibletomitigatethe
effectofthisflatriseinratesinthecaseofCategoryIII
countries.
B)AsregardsJapan,thiscountryhadvigorouslycontestedthe
Communityviewthattheintervention ofitsEximbankconstituted
initselfanadvantagewhichshouldgiverisetocompensation .
WithUSsupport,however,ithasbeenpossibletodevisean
acceptablesolutionfortheCommunityinthecompromise.
Thisdoesnotenvisage,asstipulatedinthemandate,thatan
overtmarginwillbeaddedtotheinterestratechargedby
Eximbank.InsteadtheJapaneseEximbankwillapplyhenceforth
aminimumrateof9.25%forallcategoriesofcountries
andforallcreditperiods.Thismeansinrealitythatthe
<1)
EximbankwillapplytheactualJapanesemarketrateincreased
byamarginof0.75%andthatthefinalblendedrate
(jointfinancingbyEximbankandcommercialbanksinline
withnormalfinancingproportions )willinpracticebe
around9Z.
Thisfigurecorresponds infacttotheminimumfloorestablished
inthenegotiating mandate.
3.Thecompromiseconstitutes atemporarysolutionwhichwillenter
intoforceonthe16November1981foraperiodof6months.
TheParticipants willundertakeacomprehensive newreviewof
thesituationatameetingforeseenforthe10March1982.
4.AllParticipants totheArrangement haveindicatedtotheOECDSecretariat
theirdefinitiveagreementonthiscompromise.
Undertheseconditions,theCommissionpresentsthe
attachedproposalforaDecisiontotheCouncilwhichwilllead
totheconclusionofamodifiedArrangement onexportcreditson
thebasisofthe,above-mentioned compromisewhichhasbeenaccepted
byallParticipants .
(1)IntheeventofariseinmarketratesthemarginappliedtoEximbank
financingwilldiminishbuttheblendedratewillbegreaterthan9%.
./.

.Asbefore,theguidelines/basedonArticle113oftheEECTreaty,
willapplyonlytoexportsgoingtonon-membercountries;official
supportgrantedbyMemberStatesforcreditonintra-Community
saleswillcontinuetobegovernedbyArticles92and93andacts
basedontheseprovisions,andbytheprincipleslaiddownby
theCommissionwithintheframeworkofthoseprovisions.

NOTTOBEPUBLISHED
;Proposalfora
COUNCILDECISION
amendingtheDecisionofAApril1978concerning the
application ofcertainguidelinesinthefieldof
officially supportedexportcredits
THECOUNCILOFTHEEUROPEANCOMMUNITIES,
HavingregardtotheTreatyestablishing theEuropeanEconomic
Community,andinparticularArticle113thereof.
HavingregardtotheproposalfromtheCommission,

-2-
WhereastheCommunityispartytotheArrangement onofficially supported
exportcredits;
WhereasthisArrangement isthesubjectoftheCouncilDecisionof
4April1978;whereasthatDecisionwas^amendedbytheDecision
of27June1980andhasbeenextendedonanumberofoccasions .
mostrecently-,•until31January1982bytheDecisionof20July1981.
Whereas,inviewofdevelopments intheworldeconomicsituation,it
continuestobenecessarytominimizecounter-productive competition
inthefieldofofficially supportedexportcreditsandtoreinforce
international co-operation topreventaworseningofthetermsofsuch
credits;
WhereasinitsDecisionof28September 1981,theCouncilaccordingly
adopteddirectivesinaccordancewithwhichtheCommission .wasto
expresstheCommunity'spositionintheinternational negotiations
ontheamendmentoftheArrangement;
Whereastheresultsofthenegotiations ontheamendmentofthe
Arrangement canbeconsideredtocorrespondtotheinterestsofthe
Community;
Whereas theotherpartiestotheArrangement accept
theresultsoftheabove-mentioned negotiations ;
Whereasitisprobablethattheseresultswillbeimplemented inthe
formagreedandaccordingtotheestablished timetable;
Whereas,intheinterestsoftheCommunityandinordertogiveeffect
totheprinciple_of international co-operation ,itisnecessaryfor
therevisedArrangement tobeappliedintheCommunity;
Whereasitisdesirablefortheapplication oftherevisedArrangement
intheCommunitytobelimitedtosixmonthsinordertoenablethe
Communitytoreviewthesituationinthelightofitsexperience .
ofsuchapplication orofanyotherfactorwhichmightaffectits
assessmentofthesaidArrangement,
HASADOPTEDTHISDECISION

•V*·.■!·,
;'Α',1·■!·?■1
!
ARTICLE 1
.,■ ■■;··■■■ ■: ί'$:1
Λ·'-'Ι.""*■''ί'-.'Λ .■■ ·%Μ
■.*·■:■■■·'^■··.·■. ■ ■
: •:„...."-..____M
TheArrangement annexedtotheCouncilDecisionofthe4April1978, Jjv
■■ '".I
asamendedbytheDecisionofthe27June1980,isamended 3r:;
asindicatedinAnnex1. ''. * h'
Υ
ARTICLE 2
ThisDecisionshallapplyfrom16November1981t015May1982
ARTICLE 1
TheDecisionof20July1981isherebyrepealed ,
ARTICLE AM
iû
ThisDecisionisaddressedtotheMemberStates
DoneatBrussels,1981
FortheCouncil
ThePresident

ANNEX1
ARRANGEMENT ONGUIDELINES FOROFFICIALLY SUPPORTED EXPORTCREDITS
Paragraph 3nowreadsasfollows:
"3.MINIMUMINTERESTRATE •,
(a)ThefollowingminimumratesofinterestwillapplywhereParticipants
areprovidingofficialfinancingsupportbywayofdirectcredit,
refinancing orinterestratesubsidy:
Classification NumberofyearsinMaximum
ofcountry Repaymentterms
2-5 Over5-8.5Over8.5"10
I.Relativelyrich 11.0 11.25%notapplicable
II.Intermediate 10.5% 11.0% notapplicable
III.Relatively poor 10.0% ;10.0% 10.0.%
(b)Itisunderstoodthatifcommercial lendingratesofinterestforthe
nationalcurrencyinaParticipant'scountryfallbelowthelowest
minimumlevelat(a)above,anyParticipant mayprovidesuchofficial
financingsupportforexportcreditsinthatcurrencycarrying
interestat<ratesbelowtheaboveguidelines,providedthatthe
interestratechargedforthatportionofthetotalexportcredit
whichisbeingfinancedwithsuchofficialsupportisnotless
than9.25percentperannum.
(c)Interestonanexportcreditwhichisofficially supportedbyway
ofdirectcredit,refinancing,eligibility foraninterestsubsidy,
guaranteeorinsuranceshallnormallynotbecapitalized during
therepaymenttermbutshallbepayablenotlessfrequentlythan
everysixmonths,commencing notlaterthansixmonthsafterthe
startingpoint.Ifaparticipant Intendsnottofollowthenormal
practice,theParticipantwillgivepriornotification inaccordance
withtheproceduresetforthinParagraph9(b)(1)."

ANNEX1
-2-
Paragraph 7nowreadsasfollows:
"7.TiedAidCredits
'IfaParticipant intendstosupportatiedaidcredittheParticipant
shall,withoutprejudicetoOfficialDevelopment Assistance procedures
administered bytheDevelopment Assistance Committee,givenotification
inaccordancewiththeprocedures setforthinParagraphs :
(i)9(a)(1)ifthegrantelementislessthan15percent;
(ii)9(b)(1)ifthegrantelementis,15percentormorebutless
than25percent;
(iii)9(c)(1)ifthegrantelementis25percentormore."
ThefollowingchangesaremadetoParagraph 9(Procedures ):
-Insubparagraph 9(a)Derogations :ProcedureforPriorNotification
andDiscussion,indent1,Notification andDiscussion :
Inthethirdline,after"thisArrangement"insert
"ortosupporttiedaidcredithavingagrantelement
oflessthan15percent"
-Insubparagraph 9(b).ProcedureforPriornotification without
d.iscussion,indent .1(iv)notfreadsasfollows:
"1:osupportatiedaidcredithavingagrant
elementof15percentormorebutlessthan25percent
-.Subparagraph 9(c),PromptNotification Procedure,now
reads .asfollows:
"(irNotification :AssoonasaParticipant commitsitself
tosupportatiedaidcredithavingagrantelement
of25%ormore,- .theParticipant mustnotify
allotherParticipants accordingly .
(2)Information onCommitment:'AssoonasaParticipant
commitsitself,itmustinallcasesimmediately
informallotherParticipants accordingly."

ANNEX1
-3-
InParagraph -11>"Definitions ahdrelatedprovisions/'subparagraph (a)indent
(3).nowreadsasfollows:.,;v,/
,"(3)'Tiedaidcreditmeansacreditwhichisprovided
fordevelopmentaidpurposes..."/theremainder
oftheparagraphreadsasintheannextothe
CouncilDecisionof4April1978_7
Paragraph13SReview,isamendedsothatafterthefirstsubparagraph
thefollowing „subparagraph isinserted:
"AteachannualreviewParticipants willreviewand
decideinthelightoftheeconomicandmonetary
situationprevailingat.thattimemodifications
whichmightprovetobenecessarytotheminimum
interestrateprovisionsofthisArrangement .
Theaimwouldbenotablytobring ■thematrix
interestratesclosertomarketrates."

ANNEX2
Itissuggestedthat.thefollowingdeclaration beincludedin
theminutesoftheCouncil:■■H.­
"TheCounciltakesnoteofthefactthattheParticipants to
theArrangement havemadethenecessaryadministrative
arrangements regardingpriorcommitmentsarisingfrom
anamendmentoftheguidelines"./