ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(82)427
Vol.1982/0142

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COMMISSION
OFTHE
EUROPEAN COMMUNITIESCOM(82)427 final
Brussels,6July1982
FOROFFICIAL USEONLY
GeneralSecretariat
Communication fromtheCommission totheCouncil
Requestforassent,pursuanttoArticle562a)oftheECSCTreaty
tograntingagloballoantoFinanceforIndustryLimited(F.F.I.),
UnitedKingdom
C0MC82)427final

Communication fromtheCommissiontotheCouncil
Subject:Requestforassent,pursuanttoArt.562a)oftheECSC
TreatytograntingagloballoantoFinanceforIndustry
Limited(F.F.I),UnitedKingdom.
I.FINANCIAL INTERMEDIARY No.349
Applicant :FinanceforIndustryLimited(F.F.I.)
Registeredoffice London
Shareholders FinanceforIndustryisownedbytheBankof
EnglandandthemainLondonandScottish
clearingbanks.
:ThroughitssubsidiaryI.C.F.C.,with
18areaofficesthroughouttheU.K.,F.F.I,
willpassontheloantosmallandmedium-
sizedfirmswhichareextendingexisting
activitiesorcreatingnewones.
^1.e.c*.°act1v1tX0;Industrialandserviceactivities,recipients

-2-
111-THE_PROJECT
Procédure .•
TheCommissionwillmaket30M(about53.64MioECU)availableto
FinanceforIndustry.Theloanwillbepaidintranchesoverthree
years,assub-loansareapproved.Decisionstoapproveindividual
sub-loanswillbetakenbytheCommission onthebasisofthe
applicationcriteriaandobjectivespublishedbytheCommission
(O.J.No.178/2of27July,1977andO.J.No.C82/8of29March,1979).
TheF.F.I,willreporttotheCommissionannuallyontheusemadeof
thegloballoan.Eachyearitwillalsodrawupareportonthere­
employmentofformerECSCworkersinthefirmsfinancedfromthegloballoan.
Totalamountofinvestment :Atleastfc60M(about107.28MioECU)
IV.THEREGION
Projectlocation :Thegloballoanwillapplyinallareas
intheU.K.whichareaffectedbythe
run-downincoalandsteel.
Unemployment rate :Rangingfrom10%to25%(e.g.Consett25.2%,
Corby20.7%,Irvine24.2%atNovember1981).
Nationalaidstatus
ofprojectareaAssistedareasandsteelconversion areas.

-3-
V.CONFORMITY WITHART.56OFTHEECSCTREATY
ECSCredundancies in
projectareaFromApril1977to1979BritishSteelCorporation
reduceditslabourforcebysome22,000.In1979
B.S.C.announcedaplantoreducemannedcapacity
from21.5milliontonnesliquidsteelperyearto
15milliontonnes,andemploymentinironand
steelmakingfrom152,000inSeptember1979to
100,000byaboutthe-endof1980.Theplanaffect­
edtheworksatConsett,Hallside(Scotland),
PortTalbot,LlanwernandScunthorpe andvarious
rollingmills.Facedwithaworseningmarket
situationandcontinuinglosses,B.S.C.announced
anewcorporateplaninDecember1980.Theplan
involvedafurthercut-backincapacityto14.4
milliontonnesofliquidsteelperyeartogether
withafurtherreductionof20,000inthe
workforce.Implementation oftheplanisnow
underway.
Jobstobecreatedbyproject :
Training :Atleast2,682jobs.
ThroughManpowerServicesCommission and
recipientsofsub-loans.
TheCommissionconsidersthattherequestcomplieswithArt.562a)
oftheECSCTreaty.
VI.GLOBALLOAN
Loanrequested
Loangranted
Interestrebate
Jobbasisofinterestrebatefc30M
TheCommission hasapprovedaloanof
b30M(about53.64MioECU)orequivalent
totheabovementionedinstitution in
accordance withArt.56applicationcriteria
(O.J.No.C82/8of29March,1979).
3percentagepointsperyearforfiveyears
on53.64MioECU.
2,682jobssuitableforformercoalandsteel
workerswhoaretobeg/ivenpriority.
VII.COUNCILASSENT
TheCommissioninvitestheCounciltogiveitsassenttotheforegoing
decision.