Commission Regulation (EC) No 2413/98 of 9 November 1998 on the rate of interest to be used for calculating the costs of financing intervention measures comprising buying in, storage and disposal
Date: 1998-11-09
Institutions: European Commission
Subjects: EAGGF Guarantee Section, EU financing, interest, intervention buying, sales aid, storage

L 299/6

EN

Official Journal of the European Communities

10. 11. 98

COMMISSION REGULATION (EC) No 2413/98

of 9 November 1998

on the rate of interest to be used for calculating the costs of financing interven-
tion measures comprising buying in, storage and disposal

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Having regard to Council Regulation (EEC) No 1883/78
of 2 August 1978 laying down general rules for the
financing of interventions by the European Agricultural
Guidance and Guarantee Fund (EAGGF), Guarantee
Section (1), as last amended by Regulation (EC) No 1259/
96 (2), and in particular Article 5 thereof,

Whereas Article 3 of Commission Regulation (EEC) No
411/88 (3), as last amended by Regulation (EEC) No 1644/
89 (4), lays down that the uniform interest rate used for
calculating the costs of financing intervention measures is
to correspond to the interest rates for the ecu for three
months’ and 12 months’ forward rates recorded by the
Statistical Office of the European Communities on the
Euromarkets with a weighting of one-third and two-thirds
respectively;

Whereas the Commission fixes this rate before the begin-
ning of each EAGGF Guarantee Section accounting year
on the basis of the rates recorded in the six months
preceding fixing;

Whereas Article 4(1) of Regulation (EEC) No 411/88 lays
down that if the rate of interest costs borne by a Member
State is lower for at least six months than the uniform
interest rate fixed for the Community a specific interest
rate is to be fixed for that Member State; whereas the
Member State notified these costs to the Commission

before the end of the accounting year; whereas, where no
costs are notified by a Member State, the rate to be
applied is determined on the basis of
the reference
interest rates set out in the Annex to the said Regulation;

Whereas the interest rates for the 1999 accounting year
must be set, in line with those provisions;

Whereas the measures provided for in this Regulation are
in accordance with the opinion of
the EAGGF
Committee,

HAS ADOPTED THIS REGULATION:

Article 1

For expenditure incurred during the 1999 EAGGF Guar-
antee Section accounting year:

1. the interest rate referred to in Article 3 of Regulation

(EEC) No 411/88 shall be 4,1 %;

2. the specific interest rate referred to in Article 4 of
Regulation (EEC) No 411/88 shall be: 3,6 % for
France, 3,5 % for Austria, and 3,9 % for Finland.

Article 2

This Regulation shall enter into force on the day of its
publication in the Official Journal of the European
Communities.

It shall apply with effect from 1 October 1998.

This Regulation shall be binding in its entirety and directly applicable in all Member
States.

Done at Brussels, 9 November 1998.

For the Commission

Franz FISCHLER

Member of the Commission

(1) OJ L 216, 5. 8. 1978, p. 1.
(2) OJ L 163, 2. 7. 1996, p. 10.
(3) OJ L 40, 13. 2. 1988, p. 25.
(4) OJ L 162, 13. 6. 1989, p. 18.