ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(82)502
Vol.1982/0168

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a
COMMISSION
OFTHE
EUROPEAN COMMUNITIES
GeneralSecretariatCOM(82)502 final
Brussels,30July1982
FOROFFICIAL USEONLY
COMMUNICATION FROMTHECOMMISSION TOTHECOUNCIL
RequestforassentpursuanttoArticle56(2a)oftheECSCTreaty
tothegrantingofaconversionloantoChemicalBankLtd,
UnitedKingdom
I
C0M(82)502final

FOR OFFICIAL USE ONLY
COMMUNICATION FROM THE COMMISSION TOTHE COUNCIL
Subject :Requpst forassent ,pursuant toArticle 56(2a)ofth»»ECSC Treaty
tothegranting ofaconversion Loan toChemical Bank Ltd,
United Kingdom .
THE COMPANY
=========== No.354
Applic^nt :Chemical Rank Ltd .
Registered Office :London
Parent Company of :Chemical NewYork Corporation (CNYC ).
applicant CNYC isapublicly held company whose stock
istraded onthe New York stock exchange .
Recipient :Chemical Bank Ltd
Field ofactivity of :Banking
recipi ent

-2-
II.THEPROJECT
Description TheBankwillberelocatingapproximately 360jobs
fromtheLondonareatoCardiff,Wales.TheBank
hopestoincreasethisto400within3years.
Currentestimatesarethat120employeeswill
relocatefromLondonandtheremainderwillbe
recruitedlocally.Thejotebeingrelocatedare
mainlyclericalandadministrative innatureand
relatetobackofficeoperations,computersupport,
accounting andpersonnelfunctions.
Cost Land )
Buildings ;
Plantandmachinery
Other
Totalt000
2,400
1,720
4,120
(7.38MioECU)
Schedule TheBankhopestohavethemovecompleted by
theendof1982.
Market ChemicalBankisaworldwideorganisation which
providesmanytypesoffinancialservicesin
thesemarkets.
Environment Environmental protection measuresinaccordance
withcurrentlegislation .
Thesectoralandcompetition aspectsoftheprojecthavebeencloselyexamined;
theydonotmilitateagainstthegrantingoftheloanappliedfor.
Theprojectappearstobeeconomically sound;itwillmakeasignificant
contribution totheredevelopment oftheregionwhichissufferingtheeffects
ofadeclineinECSCindustries .

-3-
III.THEREGION
ProjectLocation :Cardiff,SouthWales
Unemployment rate 14%intheCardifftravel-to-workarea
Nationalaidstatusof
projectarea:Assistedarea
TheECSCindustryhasbeenanimportantsourceofemployment inthearea.
IV.CONFORMITY WITHARTICLE56OFTHEECSCTREATY
ECSCredundancies in
projectareaIntheSouthWalescoalindustry,
1,800jobshavebeenlostinthepast
decade.Insteel,thepast6or7years
haveseenamassivecontraction within
theindustrywithsteelemploymentfalling
fromover67,000in75to27,000bythe
endof1981.
Socialconsiderations TheBankstatesthatsinceithopesto
retainitskeysupervisory personnel and
totrainnewemployees,therearefew
technicalrequirements formostpositions .
TheBank'shistoryoftrainingemployers
forkeypositionsisafineone.Ithas
trainedt«lexmachineoperators who
subsequently becameforeignexchange
dealersandmanyofitskeysupervisors
beganatentrylevelpositions.TheBank
hasnoreasontobelievethatredundant
coalandsteelworkerscouldnotbe
trainedtoperformmostjobfunctions.

Trainingandrecruitmentforentrylevel
positionsisscheduledtobeginverysoon.
TheBankhopestoworkcloselywithlocal
communityleaders,theBritishSteel
Industryandlocalunionrepresentatives
duringtherecruitmentprocess.
Ofthe240jobstobecreated,theBank
estimatesthat5wouldbeatthemiddle
managementlevel,40professionalstaff,
175clerical/typingand20maintenance,
messengers,couriers,etc.
TheCommissionconsidersthattheapplication complieswithArticle56(2a)of
theECSCTreatyandthatthenewjobopportunities offeredbytheprojectare
capableofabsorbingredundant ECSCworkersintoproductiveemployment.

_L-
V.CONVERSION LOAN
Loanappliedfor :fc2million(about3.52MioECU)
Loangranted :TheCommissionhasapprovedaloanof
b2million(about3.52MioECU)or
equivalenttotheabove-mentioned
companyinaccordancewithArticle56
applicationcriteria(OJC82,
29March1979).
Interestrebate :3percentagepointsperyearforfive
yearson2«0MioECU.
Jobbasisofinterestrebate :100jobssuitableforandtobeoffered
inprioritytoex-ECSCworkers.
VI.COUNCILASSENT
TheCommissionrequeststheCounciltogiveitsassenttotheforegoingdecision.