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DOCUMENTS "COM"
COM(76)74
Vol.1976/0028

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(76)74 final
Brussels ,13July 1976
Proposal for a
■COUNCIL REGULATION
amending Council Regulation (EEC )N°2306/70onthefinancing
ofintervention expenditure inrespect ofthe internal market
inmilk and milk products
(submitted totheCouncil bytheCommission )
COM(76 )7kfinal

EXPLANATORY KtttfORA^DLTM
ProposalforaCouncilRegulationamendingCouncil
Regulation(EEC)Wo2306/70onthe'financingof
intervention expenditureinrespectoftheinternal
marketinmilkandmilkproducts
•1.Thepresentsystemoffinancingintervention stocksisbasedonthe
financing "bytheGuidanceSectionoftheEAGCF,ofnetlossesincurred "byintervention
agenciesasaresultofobligations stemmingfromCommunityregulations .Thosenet
losseswhicharedeterminedbyannualaccounts,byproductandbyMemberState,include
inadditiontoanysaleslossesandcostsconnectedwithstorageoperations ,the
interestonf\indsimmobilized bytheintervention agencyforthepurchaseofgoods.
t •
\
2.Whenintervention productsaresoldforexport,particularly inthemilk
productsserttor,ifthepurchaserisallowedtodeferpaymentuntilafterremovalof
thegoods,itsometimesleadstobetterRalesconditionsorincreasesthefruant.ities
disposedof.However,accordingtopresentEAGGFrulesnoprovisionismadetocover.
•» .
interestcostsresultingfromdefermentofoaymentafterremovalofthegoods.
3.ItisthereforeproposedtoamendCouncilRegulation(EEC)2306/70on
thefinancingofintervention expenditureinrespectoftheinternalmprketinmilk
andmilkproductstopermitEAGGFtoassumetheinterestcostarisingfromthe
m
immobilization bytheintervention agencyofthefundsrequiredtogrant,thepurchaser
deferredpaymentfacilities.Assumptionoftheinterestcostwouldberestrictedto
intervention stockssoldforexport.Deferredpaymentforsuchsaleswouldb«grentcd
' >
onacase-by-casebasisaccordingtotheprocedureprovidedforin'Article30pf,
Regulation(EEC)No804/68(CommissiondecisionafterOpinionoftheT'pnag^mpnt
Committee).Itmustnotbegrantedformorethantwelvemonthsafterrcnovalofthe
product.

4.With regard tofinancing procedure ,aswith sales with nodeferred
payment ,sales receipts should "beentered ,intheaccounts provided forin
1
Regulation (EEC)NO2306/70onJ;hedaytheproduct isremoved bythennrch?teerj
Then ,toenable deferred payment tobegranted ,theintervention agproi^R would
continue asduring theperiod ofintervention storage ,tonrovido the re<Tuir ftd
funds .Theinterest cost inrespect ofthese immobilized fur.ds ,calculated
according toamethod andrate tobedecided inaccordance with theprocedure
provided forinArticle 13ofRegulation (EEC)No729/70(Goranissiondecision
after Opinion oftheEAGGF Committee ),would beborne byEAOGF .It,should be
noted that forthelast twoyears theinterest rate hasbeen 8foforfunds
immobilized during astorage period .Anyrisks ofnon-payment must becovered by
provision ofasecurity orbank guarantee bythepurchaser ,orbyother means o*a
i . I .!' '...'.·national level .Risks ofchanges inexchange rates ofenbeavoided byproviding +h<?t
theprice isexpressed inthecurrency oftheMember State towhich theinterven­
tion agency selling theproduct belongs ,
5»Inapplying theproposed provisions account will betaken 'ofthe
Community 'sinternational commitments .

ProposalforCouncilRegulation
of
amendingCouncilRegulation(EEC.)No2306/70onthefinancing
ofinterventionexpenditureinrespectofthe,interna^.markrt
inmilkandmilkproduits
THECOUNCILOPTHEEUROPEANCOMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropeanEconomicCommunity,
HavingregardtoCouncilRegulation(TEC)No729/70of21Aoril1?70on+he
financingofthecommonagricultural policy aslastamendedbyRegulation
(EEC)NO2788/72andinparticularArticle3(2)thereof,,
HavingregardtotheproposalfromtheCommission ,
WhereasCouncilRegulation(EEC)No2306/70of10November1970onthefinancing
ofintervention expenditureinrespectoftheinternalmarketinmilkandmilk
products aslastamendedbyRegulation(EEC)No330/74provides,in
respectofthepurchase,storageandsaleofproduotsheldinintervention storage
forannualaccountsbyproducttodeterminenetlossesincurredby^intervention
agencies;whereastheinterestcostinrespectoffundsimmobilizedb"theinter­
ventionagencyforthepurohaseofproductsconstitutes oneoftheelementsin
theseaccounts; <
Whereasinthecaseofasalewherepaymentisdeferreduntilafterremovalfrom
intervention storage,asprovidedforinCommunityrules,thecostsarisingfrom
theextendedimmobilization offundsbytheintervention agencyshouldaleobo
takenintoaccountincalculatingnetlossesbornebytheintervention agency;
HASADOPTEDTHISREGULATION i
(1)O.TNoL94,
(2)OJNoL295,
(3)OJNoL249,
(4)OJNoL37,28.4.1970,p.13.
30.12.1972,p.1.
17.11.1970,p.4.
9.2.1974,T>.5.

Article 1 *
""'J" * i '
Artiole 4(1)(g)andArtiole 5(l)(g)ofRegulation (EEC)No2306/70are
amended asfollow nj ' . ,
<t
"(g)thefinancing costs ,calculated tyamethod andatarateofinterest to
hedetermined inaccordance «iththeprocedure' laiddowninArticle 13of
Regulation (EEC)No729/70:
-fortheperiod ofintervention storage ,
-fortheperiod during which payment isdeferred after theremoval fromstored
ofproducts soldforexport ,suchperiod being granted where necessary fora
given saleinaccordance withtheprocedure provided forin'Artiole 30of
Regulation (EEC)No804/689M
Article 2 .
Thefollowing isadded toArticle 4(2)(a)andArtiole 5(2)(a)ofReflation
(EEC)No2306/70j . .
"thisamount shall l,entered intheaccount onthedayofremoval fromstorage "
Article } \
ThisRegulation shall enter intoforce onth*third dayfollowing itspublication
intheOffioial Journal oftheEuropean Communities ,*
ThisRegulation shall bebinding initsentirety anddirectly ajjolioable inall
Member States .
Done at
9For theCouncil
The President

FINANCIAL STATEMENT
[date»9.7.1976
1.BUDGETLINScoiJciflWED:Article621,Item6214A*11!artiole622,Item6221
2.ACTION«ProposalforaCouncilRegulationamendingCouncilRegulation (EEC)n°
2306/70onthefinancingofinterventionexpenditureinrespectoftheinternal
marketinmilkandmilk.products.
3.LEGALBASIS»Artiole3(2)ofCouncilRegulation729/70.
4.OBJECTIVES 1Financingofthedefermentofpaymentonthesaleofintervention goods
forexportation,
I5*FINANCIALCONSEQUENCE FORTHEMARKETING YEARCURRENTFINANCIAL YEAR
) •FCLLOWINCFINANCIALYEARJ
15.0EXPENDITURE-CHARGEDTOTHEECBUDGET
(REFUMS/LNTERVENTIONS )
-CHARGEDTONATIONAL ADMI –CHARGEDTONATIONALADHINISTR.( S
0 0
negligible0
negligible
I-CHARGEDTOOTHERNATIONALCROUPSmm
I5.1RECEIPTS
I–O'RFNRESOURCESOFT!!EEC (LEVIES/CUSTOISDUTIES)
I-NATIONALI
TEAR....L97.7 YEAR197J3 YEAR....1979-
5-0.1PIAJRIANNUALPATTERNOFEXPENDITURE 0 0 0
5.1.1PLURIANNUALPATTERNOFRECEIPTS
5.2KETHODOFCALCULATIONForskimmedmilkpowderduringadefermentlasting12monthsthe
sostoffinancingwouldriseto26u.a./T(basedonaworld'prioeof325u.a./T).,
Theseexpenseswouldbelaidtoitem6214ofthebudget.Ontheotherhand,thisde­
fermentofpaymentofferedtotheexporterforadefinitequantityisconducivetotha
bestconditionsofsale(savingunderitem6214),andwillallowareductionorinhi­
bitariseinexportrefunds(savingunderitem6200).Theproposedmeasuremightbe
3apableofenlargingtheexportedquantities*Forthemomentitisnotpossibleto
estimatethequantitieswhichwillbeexportedunderthisregimeandconsequentlyit
isnotpossibletoevaluatethebudgetaryeffectsofthisprovision :itmightbenilL ibnoxpossiDxexoevaiuaxeuneouagexaryenecxsoixmsprovision ;îxmignxDemif.
: :_J
6.0FINANCINGPOSSIBLEKITHCREDITSINSCRIBEDINRELEVANTCHAPTEROFCURRENTBUDGET? YES/Sa
TRANSFERBSTA'SEMCHAPTERSOFCURRENTBUDGET?
lì"ininiHiiiilinniiMIIIÌIINTTl"T ,w-r–T7T ii_.nu
1^5532
COMKENTSI