ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(78)201
Vol.1978/0067

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O/AMlSSIONOFTHEEUROPEAN COMMUNITIES
COM (78)201final
Brussels ,10Kay 1978
PROrCS *L^ COTTTCTLDECISION "
empowering theCommission toissue loans for thepurpose of
promoting investment within the Community
(presented under thesecond paragraph ofArticle 149ofthe
EECTreaty ;seeDoc .COM (78)26final )
C0K (78)201final

Il/5£j /75-EN
Orig .FR
MENDEDPROPOSAL PA"V-.'-TnTf *jI^TO^HKO T>Hrc:rf:Y-Tc.??TO ix,?o:-TCKPURK>SSOF
PPO!:ORIITJGI1*TWNINIJTHKCOI^KITY
1.Text adopted byParliament 2.TheComm ission 'snewproposal
(Thetextha3beenunderlined whero itdiffers from theCommission 'soriginal proposal )3•Remarks
THECOUNCIL OFTHISEUROPEAN COI^l.TTISS ,
Havinf regard totheTreaty establishing the
European Economic Community ,andinparticular
Article 235thereof , ,
Having regard .totheproponal from theCommission ,
Ilavinf regard totheopinion oftheEuropean
Parliament ,
Having regard totheopinion oftheEconomic and
Social Committee ,
Whereas economic activity ,employment and
investment are all toolowandunevenly distri ¬
buted intheCommunity ;
Whereas ,inaddition totheexisting financial
instruments oftheCommunity whose scope should
bewidened ,anewinstrument i3needed to
increase investment within theCommunity soas
tostimulate aneconomic upturn andsupport
common pol iciea;
Whereas aCommunity action tothi r:r**.1would
have areal follow -through offoot 1:.a .j.eial
impact farbeyor.d itsapparant sii'.e ;HIECOUNCIL OFTOEEUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing the
European Economic Community ,and inparticular
Article 235thereof ,
Havinf refard totheproposal from theCommission ,
Having refard totheopinion oftheEuropean
Parliament ,
Havinf regard totheopinion oftheEconomic and
Social Committee ,
Whereas economic activity ,employment and
investment are all toolowandunevenly distri­
buted intheCommunity ;
Whereas ,inaddition totheexisting financial
instruments oftheCommunity whoso scope should
bowidened ,anew instrument isneeded to
increase investment within theCommunity soas
tostimulate aneconomic upturn andsupport
common policies ;
Whereas aCommunity action tothis endwould
have areal f<•«!If'.:-through effect and financial
impact farbeyond itsapparent sizo ;Parliament 'stext
used .

ntioroJiMthinCoi;::::unityactionshouldaimto
rc-tli/.rjr;tmctur.ilinvestmentprojectsv.hich
ro:tIDM'Otojmlornonvor,nnnnandinto,-ration
of™-\To~~T7>Voyvnn,poiicii-irvir.or.i'nrito
pnoriTy"coiajiiiuutyobjective:;,especiallyintho
energy,industryandinfrastructure sectors;
'Whereasplentifulfinancecanbofoundonthocapital
Marketswhichcanbotappedtofinancoinvestment
withinthoCommunity ;
V.ljereastheCommunityhaGacreditworthiness inita
ov.nrightwhichmustbeusedtothebestadvantage ,
toreinforceEuropeansupportforthosaidinvest-
mentisandtosupportpoliciesdecidedatCommunity
level; •
WhereasborrowingsofonethousandmillionEUAin
c'.r;it>-i1scornrightinthopresentcircumstances to
he?7tocchicvethodesiredresult;
'■■'h".r[hE1C1nfinancial a?tivitiesshouldbo
(ic'r_ir"r-1loltoar.d•-•lihint'r.ofrar.ov:ork
o:'y.).••.•"r■•^oh^-sr.o\;1c":besubjectto
thi't■•<t::rv-uihoritv'scontrol;
.'.hflroas,thoEuropeanInvestmentBankhasstated
th-.ititisv.illingtotakepartinputtingthia
presentDecisionintoeffect;
HA.IDECIDEDASFOLLOWS:l.horoacthiBCommunityactionshouldaimto
realize -structuralinvestmentprojectsv.hich
rontribwtotogro^.torronwtrrnnnnnrf-into;ration
ol'»V:tion'-loru;io:.)icr.olirno::andf:orii'onto
priorityCoanunit.vobjectives ,especiallyintho
energy,industryandinfrastructure sectors;
V.^iereasplentifulfinancecanbefoundonthecapital
marketswhichcanbetappedtofinanceinvestment
withintheCommunity;
WhereastheCommunityhasacreditworthiness inits
ownrirhtv.hichmustbeusedtothebestadvantage,
toreinforceEuropeansupportforthesaidinvest­
mentsandtosupportpoliciesdecidedatCommunity
level;
VihercaaborrowingofonethousandmillionEUAin
capitalseenrightinthepresentcircumstances to
helntoachievothedesiredresult;Pariiament'stext
used
Parliament'stext
used
TheCommission
cannotacceptthis
recital,atleast
inthisform.
Seeremarksat
Article2.
WhereastheEuropeanInvestmentBonkhasstated
thatitiswillingtotakepartinputtingthia
presentDecisionintoeffect;
HASDECIDEDASEOLLOUS:

Article 1 Article 1
TheCommission isempowered "toissue loans on
behalf -oftheEuropean Economic Community ,the
proceeds ofwhich willbelent tofinance in­
vestments vrhioh contrib utetogreater conver­
genceoftheeconomic policies oftheKembeg
States andconform totheCommunity 'spriority
'^j^-hives intheenergy ,industr^jMj-iSZ
frastructure sectors ,taking account oftheir
regional impact aswell asinother sectors
tobedefined bytheCouncil inaccordance
with theprocedure laiddown inArticle 2.
These projects ,because oftheir size or
nature ,arethose which need greater _finance
than isalready available from existing in­
stitutions andorgans oftheCommunity .TheCommission isempowered toissue loans on
behalf oftheEuropean Economic Community ,the
proceeds ofwhich w.ill belent tofinance in­
vestments which ccntriuute togreater convergence
oftheeconomic policies oftheMember States
andconform totheCommunity 'spriority
objectives intheenergy ,industrial andin­
frastructure sectors ,taking account oftheir
regional impact aswell asinother sectors
tobedefined bytheCouncil inaccordance
with theproc edure laid down inArticle 2.
Theprojects ,because oftheir size or
nature ,arethose which need greater finance
than isalready available from existing in­
stitutions andorgans oftheCommunity .
This present mechanism canbeused either on
itsonw ortogether with other Community
financial instrumentsParliament 'stext used
This new text ,which uses
thewording proposed by
Parliament ,indicates the
theoretically independent
nature ofthe instrument .
Article 2Article 2
The loans andtheir entry inthebudget -
which isrequired ifthey aretobeguaranteed
bytheCommunity -shall beapproved bythe
budgetary authority acting onaproposal from
theCommission ,inaccordance with normal
budgetary procedure .
Atthe same time the decision fixing the
general guidelines for theuseofthe loans
shall beadopted bymajority vote ofthe
Council onaproposal from theCommission and
after consulting Parliament inaccordance with
the legislative conciliation procedure .Loans limited bythis Decision toonethousand
million EUA ,will beactivated tranche by
tranche .TheCouncil acting byaqualified
majority onaproposal oftheCommission ,
having consulted Parliament ,shall activate
each tranche andfixgeneral guidelines for
its use for each tranche .
TheCommission will specify rules bywhich it
will determine theeligibility ofprojects .Tomeet Parliament *s
wishes ,theCommission
has introduced consultatioi
with it.
The Commission accepts the
principal ofbudgetising
loans but believes this
question ought tobe
settled inthe new
financial regulation .

Ont1:<>1•ir?of-1.•>>s_<ìpfjnion,t);oCorrnission
77i•r;nler'1;-■..■Mici;il-.iliilotomino
th"aii.'1t.il1lOt
3>.srin<■1hofir"\■■mrin'..hir-ht)-tjr;florinionis
i:r.:>l('■.o;;t••;,lo-:.:;f.hnllnotoxceodonothousand
million:.'A);ir'pital.
TheCommission sh11borrowonthocapitalmai^~
ketswithinthe~Tl;.iitnoftheamountsauthorized.
Asingleborro'..inccanbeusedtofinancepro­
jectswithdifferentobjectives .
Arliclo 3
£orrov;inr andlendingtransactions shallbo
expressedinthesamecurrency.Lending;terms
forrcii:.V.urecnent ofcapitalandtherateand
paymentofinterestshallbefixedtaking
accountofthecoytsandexpensesofboththe
borro 1..in;andlcnuinfaideofeachtransaction ,
an•..■oil:•:?o11orconditions towhich,byvirtue
ofco:•:>):\j-o1i_-_\.■*r,trieir-'r.tin.-ofth'-;..oloans
canorttiect.ThoCommisnionv:i11borrowonthecapital
marketswithintholimitsofthotranches
activated .Asin/loborrowing canbeused
tofinanceprojectswithdifferentobjec–
tiveo.
Article 3
Sorrowinfandlending;transactions shallbe
expressedinthesamecurrency.Ler.dinfterms
forreimbursement ofcapitalandtherateand
paymentofinterestshallbofixedtaking
accountofthecostsandexpensesofboththe
borrowingandlendinrsideofeachtransaction .Whetherloansresulting
fromthisnewinstrument
canorcannotbenefit
fromaidfinancedbythe
CommunityBudgetisa
separatesubjectfrom
thedecisiontocreatethi
newinstrument,likeall
otherfinancialinstru­
mentsoftheEEC,may
benefitfrominterest
subsidies andgrantsso
farastheyare
justified .

'->&
Article4 Article4
•Ihetcir.sofloanstoboitnruedshallboncfo-
liatedb.ythoCommissionintheV;?;tintcrcsta
ofthoCommunity,ha/in/'ro/irdtothoconditions
oncapitalmarketsandin.moord'ir.cowiththo
co.nr.trainisintonedbythodurationandother
financialaspectsoftholoanstohegranted.
Foundsborrowedwillbodopo::itodwiththeICuropean
Invostmontlanktoboinventedonatemporary
basiGifnecessary#Th»jtorn.')ofloanstoboirsuodchal1bone/O-
tiatodbythoCommissioninthobootinterests!
ofthoCommunity ,havinrre,-ardtothoconditions
oncapitalmarketsandinaccordancewiththo
constraints imposedbythedurationandother
financialaspectsoftholoanstobofronted.
FundsborrowedwillbedepositedwiththeEuropean
Investment Banktoboinvestedonatemporary
basisifnecessary.
Article5 Article5
Loansr.adourdcrthisBoc.isionah?»Hborented
b"'1.;Te"Tio?.:-.ir.r:ion'.n;'CCOr:';---nco thoI'ollo',.'-
i;;-procedure :
-roruostnfc-rIgan-SShaUbe.r-.iVr.i4.teltothc.
^o::::^:Ton'T.'-vi~'h.tfitiir.oli.'-illo.
civ.ili'or.:r;r.:thorntoihu..uro*Investment
–the51TBshallexaminethoronucstsfrontho
•wiiu<>i'viewoft.'.nir;'.r.an<■iairour.'Inessar.d
chslicommunicateitsopinio::to~hoOo.:j.gf:sion;
–iheCommissionshalldecidewhethertomakethe
1omr.s_rr.i,i'.'r:o,or.whntterms;
-the••:!?shallborosro'-.r:LVlcforadministering
~:iOlo.'.r.or.t.o'.;":lfoi'~.''toCommunity.
Th®FIB'smandatefronthoCommissionre;.".relink*
."?'"1yt"'.O'-0Ir.'\y'*.\..T;: .'.i'.1ion
\r..ratio^r o:T'-'.' •orior-.-.sa:-vi
le-.:-sUl|t«s«-t©wtv;:"'"r:;•*io:iro>r:.ont
U\ÇC-itSaxJlHULÇ0ktn-J_.sio.-..
r/.'.t'ildIhoVZP.Vou^Vloio '*V.iw1n55•it
L"'•-•rvu--.oul:::o_r r'v.:-".rt-
r.o.'itso;-r.o<:cm..isr:ion .ThoCommissionherebyrivesthebankafoneral
mandateonbehalfoftheCommunitytomakeloans
underthispresentDecision.
Loansunderthisr.mndatewillbomadebythobark
forandattheriskoftheCommunity.Inaccor­
dancewithprocedureslaidco-.mbyitsstatute,
andfollowing:itsusualcriteria,thebankwill:
–receiveloanrequests(eitherdirectlyorelse
throughtheintermediation ofeithertho
CommissionoraKomberState),
–examinetheserequests(aftertheCommission
hasdecidedontheeligibilityofeachloan),
–decidewhethertomaketheloansandifsoon
whatterns,andtoadministertheloan3.
Ihebank'amandatewillbeembodiedinacooper­
ationr.rreemontwithth.oCommission .ITioCommissionbelieves
itneconsarytokeepto
itsoriginaltexthero.
Inthecoverinrletter
tothoPresidentoftho
VParliament ,whichis
attachedtothisdocu­
ment,ar.dalsointhe
debates,theCommission
expressedthebelief,
whichitholdsto,that
thesolutionitproposes
isrirht:itkeepsade­
quateCommissioncontrol ,
overoperationswhile
makin;;bestuseofex­
pertknowledgeavail-
0withinCommunity
....,.*^.4•\Jii•U1J.oc*»VX1*3»

»
6.
Artirlfi6
'ihoCorn;:!if;:jion:;h'.lIy;crioilionlIvinfor:ntho
CouncilandPariianontofrnooiai:dcxpcr.sco
resultin/*froml;orro::incaendlcmUn;n.i>.ch
.yearitahaLIattachtoitrjoatin-'.toaaroviow
ofitsborrowingandlendin"policy,i.'hichr:hall
b<»conr;idcrodar:anin1n-rvlr>-rtofthe'r~nv\T~
l.un/et. *'* ~
Financialcontrole.r.dnuditwillbocarriedout
inaccordr.ncowithihoFinancialPopulationof
thefcncralbudyoIoftheIluropoanCorr^iunities.HioCo:nnlnnionrshallperiodicallvinformtho
Councilar.dPariiar.cntofreceiptnandexpenses
resultinrfronborro'.riwsar.dlendin/s.Ivach
yearitchallattachtoitoecti;:..tenaroviow
ofitsborro'.inr <uidlendin,'•policy,\:h_i£h__r:hall
benor",i"crodananintegralp"rtoftheannual
b'j'lyot.
Financialcontrolandauditv.*i11bocarriedout
inaccordanceKiththoFinancialPefulationof
thegeneralbudgetoftheEuropeanCo;.munitiea .Parliament'stextuuod.