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DOCUMENTS "COM"
COM(73)2170
Vol.1973/0397

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COMMISSION OPTHE EUROPEAN
COMMUÎïrriESCOM(73)2170 final
Brussels .12Deoember 1973
Proposal foraRegulation
amending theadministrative rules for
short -term monetary support
(presented bytheCommission totheCouncil )
COM(73 )2170 final

Λ– COM(73)2170final
THECOUNCIL,
»
HavingregardtotheTreatyestablishing theEuropeanEconomicCommunity,
andinparticularArticle235thereof;
HavingregardtotheproposalfromtheCommission madeafterconsultation
withtheMonetaryCommitteeandtheCommitteeofGovernors;
HavingregardtotheOpinionoftheEuropeanParliament ;
HavingregardtotheOpinionoftheEconomicandSocialCommittee;
Whereason19November1973"theCommissionpresentedtotheCouncila
proposalforaRegulationamendingRegulation (EEC)No907/73of3April1973
settingupaEuropeanMonetaryCooperation Fundcontaining,interalia,
provisionsrelatingtoextensionoftheshort–termcreditfacilitiesasfixed
intheadministrative rulesoftheFundreferredtoinArticle4oftheRe
Regulationaforesaid;
Whereasshort-termcreditfacilities shouldbeextendedwitheffectfrom
1January1974withoutwaitingfortheadoptionofalltheamendmentsproposed
bytheCommission,someofwhichstillrequireanalysisfromthetechnical
angle;
WhereasthisRegulationiswithoutprejudicetothefinalarrangements which
willbeputintooperationatthesametimeastheothermeasurestobe
adoptedfortheprogressive wideningoftheFund'sresponsibilities andof
theuseoftheEuropeanmonetaryunitofaccount;
HASADOPTEDTHISREGULATION ;

-2- COM(73 )2170 final
1.Theadministrative rules hitherto applied bytheFund forthe
provision ofshort-term monetary support areamended asfollows :
(a)Theamount ofsupport which may "begiven toeach Central Bank
("debit share ")shall be:
00Deutsche Bundesbank 600 million u.a .
Banque deFrance 600 million u.a .
Bank ofEngland 600 million u.a .
Banca d*Italia 400 million u.a .
Banque Nationale deBelgique 200 million U«cl*
Nederlandsohe Bank 200 million cl»
Danmarks Nationalbank 90million u.a.
Central Bank ofIreland 35million u.a .
ofsupport which each Central Bank agrees tofinance
("credit share ")shall be:
Deutsche Bundesbank 1200 million u.a .
Banque deFrance 1200 million u.a .
Bank ofEngland 1200 million u.a .
Banca d'Italia 800 million u.a .
Banque Nationale deBelgique 400 million u.a .
Nederlandsche Bank 400 million u.a .
Danmarks Nationalbank 180 million u.a .
Central Bank ofIreland 70million u.a .
(c)Thetotaj .amount bywhich credit positions maybeincreased andthe
total amount bywhich debit positions maybeincreased shall not
exceed 1500 million u.a .
2.Inallother respects thesaid administrative rules remain unchanged .

COM(73)2170final
Article2
TheBoardofGovernorsoftheFund,shalladoptthenecessarytechnical
provisionsforimplementing theadministrative rulesamendedasaforesaid.
ThisRegulationshallenterintoforceon1January1974«
ThisRegulationshall "bebindinginitsentiretyanddirectlyapplicable
inallMemberStates.
DoneatBrussels. FortheCouncil
The'President