95/250/EC: Council Decision of 29 June 1995 relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993
Date: 1995-06-29
Institutions: Council of the European Union
Subjects: EIB loan, EU aid, Madeira, atmospheric conditions, interest rate subsidy, natural disaster













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31995D0250

95/250/EC: Council Decision of 29 June 1995 relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993  


Official Journal L 159 , 11/07/1995 P. 0016 - 0016 





COUNCIL DECISION of 29 June 1995 relating to exceptional Community aid for the reconstruction of  the areas stricken by the cyclone that hit Madeira in October 1993 (95/250/EC)THE  COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 235  thereof, Having regard to the proposal from the Commission  (1), Having regard to the opinion of the European Parliament  (2), Whereas those living in certain areas of Madeira have been seriously affected by the cyclone of  October 1993; Whereas steps should be taken in this quite exceptional situation to offset the consequences of  this disaster on the economic and social well-being of the persons affected; Whereas the European Investment Bank is able to grant loans out of its own resources to help  achieve this objective; Whereas an interest subsidy chargeable to the general budget of the European Communities should be  provided on these loans; Whereas similar measures were adopted following the natural disasters that occurred in Italy  (3)  and in Greece  (4); Whereas the Treaty does not provide, for the adoption of this Decision, powers other than those of  Article 235, HAS DECIDED AS FOLLOWS: Article 1 The Community shall provide an interest rate subsidy, chargeable to  the budget of the European Communities, of 3 percentage points per annum for a maximum period of  twelve years, on some loans granted by the European Investment Bank (EIB) out of its own resources  and in accordance with its usual criteria for the financing of investment in the regions devastated  by the cyclone that hit Madeira in October 1993. The total amount of subsidized loans may not exceed the equivalent of ECU 15,85 million in  principal. These loans shall be directed to projects carried out between 1993 and 1997, for the  reconstruction and reorganization of stricken areas (infrastructure works and secondarily  housing). The loans will be approved by the EIB, on the basis of projects put forward by the Portuguese  authorities. Article 2 The detailed arrangements for implementing this Decision shall be laid down in a  cooperation agreement between the Commission and the EIB. In particular, this agreement should set  out the detailed rules for the payment of the interest rate subsidies. Article 3 The Commission will present to the European Parliament and the Council - in close  cooperation with the EIB and before 31 December 1998 - a report evaluating the implementation of  this Decision, and in particular on the additional effects produced by the interest subsidies. Article 4 This Decision shall take effect on the date of its adoption. Done at Luxembourg, 29 June 1995. For the Council The President J. BARROT