Legislative resolution embodying Parliament' s opinion on the proposal for a Council Decision relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993 (COM(94) 0488 - C4-0268/94 - 94/0258(CNS)) (Consultation procedure)
Date: 1995-04-07
Institutions: Committee on Regional Development, European Parliament
Subjects: EIB loan, EU aid, Madeira, interest rate subsidy, natural disaster













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51995AP0069

Legislative resolution embodying Parliament' s opinion on the proposal for a Council Decision relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993 (COM(94) 0488 - C4-0268/94 - 94/0258(CNS)) (Consultation procedure)  


Official Journal C 109 , 01/05/1995 P. 0313 





A4-0069/95Proposal for a Council Decision relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993 (COM(94)0488 - C4-0268/94 - 94/0258(CNS))The proposal was approved with the following amendments:(Amendment 1)Article 1>Original text>The ultimate recipients of the loans, granted by the European Investment Bank out of its own resources, for investment projects carried out in the areas devastated by the cyclone of October 1993 in Madeira shall be entitled to an interest subsidy chargeable to the general budget of the European Communities, up to the equivalent of a capital value of ECU 15.85 million in all.On the basis of projects put forward by the authorities in Portugal and approved by the Bank, the Commission shall grant this subsidy at a rate of three percentage points per annum for up to 12 years.>Text following EP vote>1. The Commission shall grant an interest subsidy chargeable to the general budget of the European Union, at a rate of three percentage points per annum for up to 12 years, on the loans granted by the European Investment Bank out of its own resources with a view to the financing of investment projects carried out in the areas devastated by the cyclone of October 1993 in Madeira.2. These loans, whose total amount may not exceed the equivalent of a capital value of ECU 15.85 million, shall be granted for the financing of projects carried out between 1993 and 1997 for the reconstruction of the affected areas, including infrastructural work, preventive work and restoration of basic living conditions for the inhabitants.(Amendment 2)Article 1a (new)>Text following EP vote>Article 1aThe loans shall be awarded on the basis of projects put forward by the authorities in Portugal in close cooperation with the regional and local authorities and the social partners and approved by the European Investment Bank.(Amendment 3)Article 1b (new)>Text following EP vote>Article 1bThe Commission, in close cooperation with the European Investment Bank, shall report to the European Parliament and the Council no later than 31 December 1998 on the implementation and results of the financing concerned.Legislative resolution embodying Parliament's opinion on the proposal for a Council Decision relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993 (COM(94)0488 - C4-0268/94 - 94/0258(CNS))(Consultation procedure)The European Parliament,- having regard to the Commission proposal to the Council, COM(94)0488 - 94/0258(CNS) ((OJ C 345, 7.12.1994, p. 4.)),- having been consulted by the Council pursuant to Article 235 of the EC Treaty (C4-0268/94),- having regard to Rule 58 of its Rules of Procedure,- having regard to the report of the Committee on Regional Policy and the opinion of the Committee on Budgets (A4-0069/95),1. Approves the Commission proposal subject to Parliament's amendments;2. Calls on the Council to notify Parliament should it intend to depart from the text approved by Parliament;3. Asks to be consulted again should the Council intend to make substantial modifications to the Commission proposal;4. Instructs its President to forward this opinion to the Council, Commission and the regional government of Madeira.