Amended 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
Date: 1995-07-11
Institutions: European Commission
Subjects: EIB loan, EU aid, Madeira, atmospheric conditions, interest rate subsidy, natural disaster

COMMISSION  OF THE EUROPEAN  COMMUNITIES 

Brussels,  11.07.1995 
COM(95) 329  final 

94/ 0258 (CNS) 

Amended  proposal  for  a 

COUNCIL  DECISION 

relating to exceptional Community aid for the reconstruction of the 
areas stricken by the cyclone that hit Madeira in OcSber"993 

(presented  by  the  Commission  pursuant to  Article  189  a (2) 
of  the  EC-Treaty) 

I 

p 

% 

EXPLANATORY  MEMORANDUM 

On 7 April  1995, the European Parliament  adopted  an 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. 

Three  amendments  to  the  Commission's  original  proposal  were  adopted  on  that  occasion 
The Commission agreed to incorporate all the amendments as they do not alter the intent  of 
the original proposal.  The changes are summarised below. 

Article 1  (EP Amendment 1) 

This  amendment  is  partly  of  editorial  nature.  Additionally,  it  specifies  the  period  in 
which  the  projects  are  to  be  carried  out  (1993-1997)  as  well  as  the  nature  of  the 
projects  (infrastructure  work,  preventative  work  and  restoration  of  basic  living 
conditions for the inhabitants). 

Article la (EP Amendment 2) 

The addition  indicates that the authorities in Portugal  should  put  forward  projects  "in 
close co-operation with the regional and local authorities and the social partners" 

Article lb (EP Amendment 3) 

The content  of this article is new.  It  calls for  a report  to be established  not  later than 
31  December  1998  by  the  Commission  in  co-operation  with  the  Bank  on  the 
implementation and results of the initiative. 

Amended 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 

Following  the  opinion  of  the  European  Parliament  given  on  7  April  1995,  the  following 
modification is introduced in article 1  of the Commission's original proposal (COM(94) 488): 

Original proposal 

Article 1 

Modified  proposal 

Article 1 

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 
in  Madeira,  shall  be 
October  1993 
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. 

1.  The Community 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  infrastructure  work, 
preventative  work  and  restoration  of 
basic 
the 
inhabitants-

conditions 

living 

for 

Article  la 

The  loans  shall  be  awarded  on  the basis 
of projects put forward  by the authorities 
in Portugal in close co-operation with the 
regional  and  local  authorities  and  the 
social  partners  and  approved  by  the 
European Investment Bank. 

Article  lb 

The  Commission,  in  close  co-operation 
with  the  European  Investment  Bank, 
shall  report  to  the  European  Parliament 
and 
than  31 
December  1998  on  the  implementation 
and results of the financing concerned. 

the  Council  no 

later 

ISSN  0254-1475 

COM(95) 329 final 

DOCUMENTS 

EN 

13 

Catalogue number  : CB-CO-95-360-EN-C 

ISBN 92-77-91460-2 

Office for Official Publications of the European Communities 

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