ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(76)491
Vol.1976/0147

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/
COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(76)491final.
\
Luxembourg ,15September197o.
\
; . /
COMMUNITY LOAN
Consolidation ofa$100milliontrancheofthevariableinterest
rateroll-overcredit
(Proposalofadecision
submittedtotheCouncilbytheCommission)
COM(76)491final.

PROPOSALFORACOUNCILDECISION "
THECOUNCILOFTHEEUROPEAN COMMUNITIES
HavingregardtotheTreatyestablishing theEuropeanEconomic
Community
HavingregardtoRegulation (EEC)number397/75of17thFebruary
1975concerningcommunityloans(1)andinparticularthesecond
paragraphofArticle2,andArticle3thereof
HavingregardtotheproposalfromtheCommission,whichforthis
purposeconsultedtheMonetaryCommittee
WhereasbyDecision76/322/EEC(2)ofthe15March1976,theCouncil
authorizedtheCommissiontoconcludeaseriesofborrowingoperations
whichformapackageincludingtiparticular (Article1,subparagraph
4)"avariableinterest-rate loanofU.S.2300millionforfiveyears
fromasyndicateqfbanks,andwhereasthisborrowinghasbeenmade
WhereasitisintheinterestsofboththeCommunityandofthe
MemberStatesbenefitting fromtheDecisionofthe15March1976,
tochangetheCommunityloansfromvariabletofixedratesof
interest
WhereastheCouncilhasthereforeauthorisedtheCommissiontoini­
tiatenegociations withaviewtocarryingoutoneormoreoperations
tofundthisvariableinterestloan,bymeansofaloanorloansat
fixedinterest.
Whereasthesenegociations haveledtothepossibility ofcarrying
outafixedinterestborrowingoperationforU.S.$100million,
corresponding tothetrancheofthevariableinterestrateloanrepaya­
bleonthe15October1976ontheCommission'sinitiative .
WhereasthetermsoftheloantotheItalianRepublicandtoIreland
musttherefore bealtered
(1)0JN°L46,20.2.75,p.1
(2)0JN°L77,24.3.76,p.2

HASADOPTEDTHISDECISION
ARTICLE 1
TheCommissionisauthorizedtoexerciseitsrighttoprepayone
trancheofU.S.£100millionofthevariableinterestratebank
loan,andtotakeallnecessary measuresinthatconnexion.
TheCommission shallbeauthorized totakeallactionsandexecute
alldocumentsnecessary,properordesirabletoconclude,onbehalf
oftheCommunity,apublicissueintheUnitedStatesofnotes
denominated inU.S.dollarsunderwritten byvariousinvestment
bankingfirms,asindicatedbelow,onthefollowingmajorterms:
Formofloan:bearercouponnotesinthedenomination ofARTICLE 2
U.S.t1,000;registered notesinthedenomi­
nationofU.S.21,000andanymultiplethereof
Totalamount:U.S.8100millr»n
Redemption : atparafterfiveyears
Paymentof
interest : semi-annually ,onApril1andOctober 1,
Managing
Underwriters ManagingUnderwriter :MorganStanley&C°
Incorporated
Co-Managers :TheFirstBostonCorporation
Kuhn,Loeb&C°
LehmanBrothersIncorporated
SalomonBrothers
Therateofintereston,andpublicissuepricefor,theaforesaid
noteswillbefixedbyagreementbetweentheCommission,orsuch
agentsasitmaydesignate,andtheunderwriters .

ARTICLE3
TheCommissionisauthorizedtoexecutethenecessarycontracts
inthenameoftheCommunity /,withtheItalianRepublicand
Ireland:
-forrepaymentbytheseMemberStatesoftheirportionofthe
proceedsofthevariableinterestratebankloantoberepaidbythe
Community,and
-tolendtheItalianRepublicandIrelandrespectively 10/13
and3/13oftheproceedsoftheborrowingoperationcarriedout
underthetermsofArticle2,andinthesamecurrencies andon
thesametermsasthesaidoperation.
ARTICLE4
CouncilDecisions 76/323/CEEand76/324/CEEofthe15March1976
fixingtheeconomicpolicyconditionstobeobservedbythe
ItalianBeoublicandIrelandstandunchanged.
ARJIÇLE5
Thefin&.icialoperationsresultingfromthisdecisionshallbe
carriedoutbytheEuropeanMonetaryCooperation Fund.
ARJIÇLE6
ThisdecisionisaddressedtotheMemberStates
DoneatBrussels, 1976.