Commission Regulation (EC) No 2623/1999 of 10 December 1999 amending Regulation (EEC) No 411/88 on the method and the rate of interest to be used for calculating the costs of financing intervention measures comprising buying-in, storage and disposal
Date: 1999-12-10
Institutions: European Commission
Subjects: EU financing, costing, discount sale, interest, intervention buying, storage

L 318/14

EN

Official Journal of the European Communities

11. 12. 1999

COMMISSION REGULATION (EC) No 2623/1999

of 10 December 1999

amending Regulation (EEC) No 411/88 on the method and the rate of interest to be used for
calculating the costs of financing intervention 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 Guar-
antee Fund, Guarantee Section (1), as last amended by Regula-
tion (EC) No 1259/96 (2), and in particular Article 5 thereof,

Whereas:

(1)

(2)

Commission Regulation (EEC) No 411/88 (3), as last
amended by Regulation (EEC) No 1644/89 (4), lays down
the method and interest rate to be used for calculating
the costs of financing intervention measures. It stipulates
that the uniform interest rate shall correspond to the
interest rates for the ecu for three months and twelve
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;

a new European money market reference rate for the
euro, known as EURIBOR, was introduced on 1 January
1999 along with the euro.
It replaced the various
national IBOR rates of the participating Member States
and it is published monthly by the European Central
Bank;

(3)

(4)

Article 3 of Regulation (EEC) No 411/88 and the Annex
thereto should be amended as a result of the introduc-
tion of the euro;

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

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EEC) No411/88 is amended as follows:

1. The first subparagraph of Article 3 is replaced by the

following:

‘The interest rate referred to in Article 5 of Regulation (EEC)
No 1883/78 shall correspond to the three months' and
twelve months' forward EURIBOR rates with a weighting of
one third and two thirds respectively.’

2. The Annex is replaced by the Annex hereto.

Article 2

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

It shall apply from 1 October 1999.

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

Done at Brussels, 10 December 1999.

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.

11. 12. 1999

EN

Official Journal of the European Communities

L 318/15

ANNEX

‘ANNEX

Reference interest rates referred to in Article 4(1a) (1)

1. Denmark

Copenhagen interbank borrowing offered rate three months (CIBOR)

2. Greece

Athens interbank borrowing offered rate three months (ATHIBOR)

3. Sweden

Stockholm interbank borrowing offered rate three months (STIBOR)

4. United Kingdom

London interbank borrowing offered rate three months (LIBOR)

5. For the other Member States

Euro interbank borrowing offered rate three months (EURIBOR)

NB: These rates will be increased by one percentage point, corresponding to the banking margin.

(1) Net interest rates concerned, i.e. interest rates after setting off the possible part that corresponds to fiscal charges

(withholding tax, etc.).’