Commission Regulation (EC) No 2477/2000 of 10 November 2000 on the rate of interest to be used for calculating the costs of financing intervention measures comprising buying in, storage and disposal
Date: 2000-11-10
Institutions: European Commission
Subjects: EAGGF Guarantee Section, costing, discount sale, interest, intervention buying, storage

11.11.2000

EN

Official Journal of the European Communities

L 286/23

COMMISSION REGULATION (EC) No 2477/2000

of 10 November 2000

on 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 (EAGGF), Guarantee Section (1), as last amended by
Regulation (EC) No 1259/96 (2), and in particular Article 5
thereof,

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.

(4)

(5)

The interest rates for the 2001 accounting year must be
set in line with those provisions.

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

Whereas:

HAS ADOPTED THIS REGULATION:

(1)

(2)

(3)

Article 3 of Commission Regulation (EEC) No 411/88 of
12 February 1988 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 (3), as amended by Regulation (EC) No 2623/
1999 (4), lays down that the uniform interest rate used
for calculating the costs of financing intervention meas-
ures is to correspond to the three months' and 12
months' forward Euribor rates with a weighting of one
third and two thirds respectively.

The Commission fixes this rate before the beginning of
each EAGGF Guarantee Section accounting year on the
basis of the rates recorded in the six months preceding
fixing.

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. The Member States
notified these costs to the Commission before the end of
the accounting year. Where no costs are notified by a

Article 1

For expenditure incurred during the 2001 EAGGF Guarantee
Section accounting year:

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

No 411/88 shall be 4,6 %;

2. the specific interest rate referred to in Article 4 of Regula-

tion (EEC) No 411/88 shall be

— 3,8 % for Sweden

— 4 % for Ireland

— 4,1 % for France, Austria and Finland

— 4,5 % for Italy.

Article 2

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

It shall apply from 1 October 2000.

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

Done at Brussels, 10 November 2000.

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 318, 11.12.1999, p. 14.